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I opened a mortgage in 2012, but didn't know enough about
I opened a mortgage in 2012, but didn't know enough about what I was doing and failed to include mortgage interest from HUD-1 and UFPMI from the same. IRS pub 530 says any PMI not allocated to the yea… read more
Barbara
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The Form 1098 Box 2 shows points for $4,267. Then the HUD
The Form 1098 Box 2 shows points for $4,267. Then the HUD 1 shows Adjusted Origination Fees on Line #803 a total amount of $5,555($1,641 points & $3,914 Origination charge). She is pay a $15,000 depos… read more
Dr Arthur Rubin
Dr Arthur Rubin
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My reverse mortgage sent me a 1098 showing the amount I paid
My reverse mortgage sent me a 1098 showing the amount I paid insurance premium last year. Can I deduct this amount on my 2014 income tax? The amount is $19,000. Won't this cause an audit?… read more
NPVAdvisor
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Master's Degree
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personal residence was purchased in December of 2012 and interest
personal residence was purchased in December of 2012 and interest on 1098 form from one mortgage company was only $900, but mortgage insurance premium ("MIP-YTD") was $6,569. That amount was set up as… read more
LEV
LEV
Retired
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My father has a reverse mortgage are the finance charges deductible.
My father has a reverse mortgage are the finance charges deductible. They are listed as periodic Interest and periodicmip… read more
fastfile
fastfile
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Is my Upfront MIP of $2054 on my Personal Residence tax deductable?
Is my Upfront MIP of $2054 on my Personal Residence tax deductable? I purchased the condo last year in August and the Upfront MIP is not on my 1098… read more
Dave CPA
Dave CPA
Master's Degree
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We handle seller financed notes for real estate. We have an
We handle seller financed notes for real estate. We have an interest only note that the buyer and seller modified to lower the monthly payment from $5K to $2K. However, the $3K difference is now getti… read more
LEV
LEV
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I own my own home and have a reverse mortgage (Generation Mortgage)
I own my own home and have a reverse mortgage (Generation Mortgage) on this property. Each month I pay a Service Fee for the loan company's servicing of the loan. In addition, I pay a monthly Mortgage… read more
LEV
LEV
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i purchased a home this year. In the closing costs i paid approximately
i purchased a home this year. In the closing costs i paid approximately $4,700 for upfront MIP. can i deduct this on my taxes this year? i also pay $97 monthlt for MIP. My 1098 from my mortgage compan… read more
Charles Greiner
Charles Greiner
Owner
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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
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I refinanced my home and on the settlement statement it shows
I refinanced my home and on the settlement statement it shows Mortage insurance premium for to HUD $2,799; but it also shows MIP refund to HUD -$1,244. Can I claim the difference of $1555 on qualified… read more
Wendy Reed
Wendy Reed
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I am a senior citizen with a reverse mortgage. Each monthly
I am a senior citizen with a reverse mortgage. Each monthly statement shows how much interest & mortgage insurance premium has been added to the total debt on my house. My question is: Is this MIP ded… read more
Bill
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Can you deduct the deferred mortgage interest assessed that
Can you deduct the deferred mortgage interest assessed that is added to the principal balance of your home loan?… read more
LEV
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Is the Up Front MIP to HUD , listed on my refinance Settlement Statem
I closed the loan in December of 2008, but did not have an new payment/statement until February of 2009. The to total amount of upfront money paid to HUD, was included as part of the closing/settlemen… read more
Dave Z
Dave Z
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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
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What settlement closing cost are tax deductible when buying
What settlement closing cost are tax deductible when buying a home? I purchasing a new home and the builder is not paying for any of the closing cost. Title insurance , survey etc… read more
Ed Johnson
Ed Johnson
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Bachelor's Degree
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I was charged $2450 as upfront MIP on an FHA refinance I ...
I was charged $2450 as upfront MIP on an FHA refinance I did in 2007. This was added to the loan amount financed. However, it shows that it was held out & paid out to FHA the day my loan funded. When … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
When buying and selling a home, what is tax deductible
I understand that points, are part of your closing costs are tax deductible. I just sold a home and purchased a new one. I''d like to know what, if any of those amounts are deductible.… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
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