Assuming you are basically aware of your tax liabilities for the current year, and you have a feeling about whether additional deductions will be more useful this year or next year is the first step in determining how to schedule your closing. (Of course, if you aren't aware of your tax situation, it's best to consult an accountant or tax-preparer first.)

Now that you know your impending tax liabilities, you need to know that closing before the New Year will allow you to take the deductions for your home purchase immediately, i.e., the next time you file. On the other hand, closing in January will allow you to take those deductions the following year.

How closing costs affect your taxes

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