Points paid by the buyer are deductible for that year.
The IRS also has ruled that even points paid by the seller are deductible. Not a lot of other fees are immediately tax -deductible, but some may be figured into the adjusted cost basis of your home, an Important figure when people ultimately calculate capital gains. When you buy your home, you have closing expenses, many listed on your settlement statement, that are not deductible on your income tax return, but, instead, simply are added to your cost basis for the property.