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Related Tax Questions
What from my closing costs statement can be deducted from my
What from my closing costs statement can be deducted from my home purchase? Using Turbo Tax, can I deduct any of the other costs and fees that I paid? Any of the insurances or title services...????… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
Tax question: The IRS says you can add owners title
tax question: The IRS says you can add owners title insurance to basis. What about the lenders? I don't see this addressed anywhere. Please provide specific references.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
I sold an apartment building in Las Vegas in 2017 and I am
I sold an apartment building in Las Vegas in 2017 and I am trying to reduce the gain of the sale. The only way to do that is to increase the "Cost of the sale"I know I can add to the cost of the sale … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
I live in MN. I bought a house in April 2013 using FHA. I
I live in MN. I bought a house in April 2013 using FHA. I was charged 3,048. upfront for FHA mortgage insurance and I also pay it monthly to my mortgage company. So far this year that amounts to 1709.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Team, Last year I purchased a townhouse (Rental unit) What
Team, Last year I purchased a townhouse (Rental unit) What charges can I expense and what charges must I add to the basis of the property? - Loan Original Fee - Appraisal Fee - Flood Certification - S… read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,840 satisfied customers
Is FHA upfront mortgage Insurance fee that I paid in Apr 2010
Is FHA upfront mortgage Insurance fee that I paid in Apr 2010 ($5,300) for my home fully tax deductible, in addition to the monthly mortgage insurance premiums? IRS states VA and Rural Housing loan fe… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
I refinanced my home in 2010 thru FHA. I have 2 questions 1.
I refinanced my home in 2010 thru FHA. I have 2 questions: 1. I paid upfront a lump sum amount of $6k to FHA as mortgage insurance premium. Is it tax deductible? It does not appear in my 1098 from my … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I refinanced my home in Jan of 2010. I know that I can deduct
I refinanced my home in Jan of 2010. I know that I can deduct the PMI that was added on to my payments for 10 months in 2010. This amount is shown on my mortgage interest statement. My mortgage office… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
I paid up front fha insurace on my closing, can I deduct the
I paid up front fha insurace on my closing, can I deduct the whole amount from my taxes for 2010? I will also be paying pmi monthly. I was told the upfront fee is for 1 yr… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
2009 We took out a Reverse Mortgage. Can we expense out the
2009 We took out a Reverse Mortgage. Can we expense out the fees to our 1040 itemized expenses? If so, which form/section and fee can be itemized? List of fees: Loan Origination, appraisal, credit rep… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,040 satisfied customers
As a single woman, I own my own home now devalued at approximately
As a single woman, I own my own home now devalued at approximately $60,000. Four years ago I put a reverse mortgage on my home. I received a yearly statement from Bank of America, the reverse mortgage… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
On refinancing your home what Settlement Charges are deductible
On refinancing your home what Settlement Charges are deductible on your tax return ? Loan origination fee - Floof Determination - Flood Life of Loan - Doc Prep - Underwriting - Doc Handling - Hazard i… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I purchased a home in 2009 with an FHA mortgage. I paid an
I purchased a home in 2009 with an FHA mortgage. I paid an up-front mortgage insurance premium of 1.75% at closing time. Is this premium fully tax deductible on this year's return, or does it have to … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I put a down payment on an under construction condo and then
I put a down payment on an under construction condo and then bought and sold it on the same day. My down payment was $6600. On paper, I bought the property for $168,000 (so I only needed a loan on pap… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I purchased a home in 2008 and closed on 9/26/08. I used an
I purchased a home in 2008 and closed on 9/26/08. I used an FHA loan and was charged an upfront mortgage insurance premium of 1988.50 which is included on my HUD-1 statement (labeled "Upfront MIP Fina… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I refinanced my home mortgage in 2007. What fees are tax ...
I refinanced my home mortgage in 2007. What fees are tax deductible? I paid points and various other fees. I always itemize each year since I am eligible to do so. Thank you… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
How much of the settlement costs for refinancing a house can
There were no points charged for the refinancing. There were other standard costs. I understand most settlement or closing costs are not deductable. Is that true?… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Are all items in the title charges, escrow charges, and
#1 Which items on my buyer statement for my new primary place of residence are tax deductable? TITLE CHARGES: lender/mortgage premium deed recording sub escrow 1st & 2nd recording/deed of trust courie… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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