Real Estate/Propery Tax Question

What is the name of your state? TN

Thank you for taking my questions.

Part A -
During 2002, I sold a home and purchased a new one. Regarding sale of the old: I agreed to pay a portion of the buyer's closing costs. These have been reflected on the forms I received at closing, inclusive of $511 for one point, $53.40 in interest, and tax responsibility through the date before sale. Other than the documents provided at close, I have received no other 1098 forms, etc.

My questions:
1) may I deduct the $511 as a point I paid for the buyer?
2) may I deduct the reported interest?
3) how, if at all, may I claim credit, as the seller, for the taxes paid 1 Jan-date before sale reflected on the form?
4) And if permissible, how do I claim these on the itemized deduction form (Schedule A)?

Part B -
I have reviewed some tax guides as well that show a worksheet to determine percentages based on the dates of ownership of the property.

-Do I use the worksheet percentages or the actual figures I have from the closing forms?

Again, thank you kindly for taking my questions.

[abezon]

1. No, but you can include it in your closing costs & reduce your profit.
2. You can only deduct interest on your primary or secondary residence. Since the $53 is interest on the buyer's principle residence, you cannot deduct it.
3. Put them in the taxes section of Schedule A.
4. Ditto.
Bonus Question: Use the numbers from the closing documents if you closed before the second semi-annual payment was due. If you made one full payment & had to pay some taxes in the closing, deduct the 1/2 payment + the taxes listed in the settlement statement.