Quick Answer
Some closing costs may be deductible on US tax returns. Property taxes (predial) paid to Mexico are generally deductible as foreign taxes. Mortgage interest may be deductible if you finance the purchase. However, the fideicomiso setup fee and notario fees are typically not deductible. Consult a cross-border tax professional for your specific situation.
Detailed Answer
Some closing costs may be deductible on US tax returns. Property taxes (predial) paid to Mexico are generally deductible as foreign taxes. Mortgage interest may be deductible if you finance the purchase. However, the fideicomiso setup fee and notario fees are typically not deductible. Consult a cross-border tax professional for your specific situation.
For more detailed guidance on this topic, contact our team or explore our community guides for Los Cabos.