Have a Tax Question? Ask a Tax Expert
What's your question? I can help you.
Hi. I am uasing turbotax to do my txes and i at the deductions and credits section
on the "my home" section
What version of turbotax?
How do i know what amoun to input on property taxes and mortagage insurance
Okay. That information is normally on Form 1098 that you get from your mortgage company. Did you buy your home last year?
i received 2 of them
Do you have two mortgages?
Was your mortgage sold?
because when i first bought my home, it was under a different lender
Is one of them marked "Corrected"?
then B of A bought the mortagage
Okay, so you have two 1098s. You all of the numbers together.
actually both are not checked
Total property taxes paid, total mortgage insurance paid.
Did you buy in 2011? Did you say?
i closed on the 14th
Okay, when you look at your HUD-1. There may be "property taxes paid by seller" that were charged back to you.
it was under provident savings mortgage til Aug
You would add these in, too.
then BoA took over
Did you pay a net origination fee at closing? Probably not with Provident.
yes the seller paid closing costs and i put 3k for escrow but i got that back
You don't need to worry about "seller paid closing cost credit". You can ignore that.
It's actually a reduction in the sales price.
so i have to look at my HUD1 document?
Yes, take a look. however, very few closing costs are deductible.
ok, for the propert tax, where do i find the amount to input onto turbotax?
under the property tax section
It should be on the FRONT page not page two.
There should be an allocation between you and the seller.
ok let me see...
Line 106 or Line 107 on the first page.
Line 210 or Line 211, also
oh ok. let me look at those lines...
it reads; 106 city/town taxes blank
107 county taxes blank
Adjustments for items paid by seller, 210 city/town taxes blank
211 taxes at $1088.12/semi-annually from 07/01/2011 to 07/14/2011 $78.59
Hmmmm...okay. You should now check to see if you were charged $1088.12 at closing. You may or may not have been.
Look for this exact number on the left hand column of either page 1 or page 2.
On page one, it might be in the upper half.
On page two it is typically towards the bottom.
You are scanning for the number 1088.12 by itself in a lefy hand column.
It may or may not be there.
oh ok. let me see...
i see that on line 511
511 taxes at 1088.12/semi-annually from 07/01/2011 to 07/14/2011 $78.59
Okay. That's fine then.
Now new topic. Look at page 2 and what is the number (if any) on line 803 "Your adjusted origination charge"
i dont see that amount on page 2
oh sorry wait... line 803...
its says to provident savings bank F.S.B. (from GFE#A) 2,579.56 under "paid from boprrowers funds at settlement"
Okay, those are POINTS PAID At closing. If they were not listed on your form 1098, you should include them in the right place.
So, have I answered your questions?
where should it go under
Points paid. There will be a place in the interview where they ask you. You should check the box that you bought a home in 2011.