| Posted By |
Message |
agrech
LIF Infant
Member since 10/05 128 total posts
Name:
|
Filling Taxes
This will be our first year filling taxes for our new home. What forms will the accountant need?
|
Posted 1/5/06 2:57 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
|
|
Re: Filling Taxes
Your hud statement which you would have received durning your closing. It's usually 2 pages. Your mortgage interest statement from the bank you have your loan with, I believe it is form 1098R. That should be it. The HUD statement has all the number's he will need that he can deduct.
|
| Posted 1/5/06 7:21 PM |
| |
|
agrech
LIF Infant
Member since 10/05 128 total posts
Name:
|
Re: Filling Taxes
awsome. thanks for your help, I was so lost
|
| Posted 1/6/06 4:08 PM |
| |
|
DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
|
Re: Filling Taxes
You also may be able to go onto your morgage co's website and print out your interest statement-that is what is deductible
|
| Posted 1/7/06 10:32 PM |
| |
|
|
|
Re: Filling Taxes
What is a hud statement? I didn't receive this at the closing. Do we need it for filing out taxes? I'm new to this, any info will be appreciated. Thanks.
|
| Posted 1/8/06 7:24 AM |
| |
|
skew
LIF Adult
Member since 5/05 6794 total posts
Name:
|
Re: Filling Taxes
if you bought points, they are deductable too
|
| Posted 1/8/06 9:03 AM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
|
Re: Filling Taxes
sorry to hijack - but if you had an "origination fee" is that deductable too? We do not have any points but they made us pay the origination fee which is 1% of the mortgage.
Message edited 1/8/2006 10:35:09 AM.
|
| Posted 1/8/06 10:33 AM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Filling Taxes
Posted by LSP2005
sorry to hijack - but if you had an "origination fee" is that deductable too? We do not have any points but they made us pay the origination fee which is 1% of the mortgage.
This is not deductable.
|
| Posted 1/8/06 11:24 AM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
|
Re: Filling Taxes
Posted by DjPiLL
Posted by LSP2005
sorry to hijack - but if you had an "origination fee" is that deductable too? We do not have any points but they made us pay the origination fee which is 1% of the mortgage.
This is not deductable.
thanks
|
| Posted 1/8/06 6:07 PM |
| |
|
skew
LIF Adult
Member since 5/05 6794 total posts
Name:
|
Re: Filling Taxes
Posted by DjPiLL
Posted by LSP2005
sorry to hijack - but if you had an "origination fee" is that deductable too? We do not have any points but they made us pay the origination fee which is 1% of the mortgage.
This is not deductable.
are you sure?
|
| Posted 1/9/06 9:23 AM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
|
Re: Filling Taxes
Posted by skew
Posted by DjPiLL
Posted by LSP2005
sorry to hijack - but if you had an "origination fee" is that deductable too? We do not have any points but they made us pay the origination fee which is 1% of the mortgage.
This is not deductable.
are you sure?
ok so we just got our 1098 form in the mail and that origination fee was included on it as something that was deductable. so again my question stands, but based on the form and the info our mortgage lender included I think our origination fee is deductable. Does anyone know for sure? thanks.
|
| Posted 1/9/06 3:06 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Filling Taxes
Posted by LSP2005
Posted by skew
Posted by DjPiLL
Posted by LSP2005
sorry to hijack - but if you had an "origination fee" is that deductable too? We do not have any points but they made us pay the origination fee which is 1% of the mortgage.
This is not deductable.
are you sure?
ok so we just got our 1098 form in the mail and that origination fee was included on it as something that was deductable. so again my question stands, but based on the form and the info our mortgage lender included I think our origination fee is deductable. Does anyone know for sure? thanks.
It depends on what the "origination fee" is classified as. A lot of banks will label their fees as "origination fees". Bank fees are not deductable.
The only thing you can deduct are points paid on a loan. Ask your lender if that origination fee is for points. If it is... then you can deduct it.
Anything that you can legally deduct from the bank... you should get a 1098 form anyways. If its on the form... your good.
|
| Posted 1/9/06 3:38 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Filling Taxes
I am finding conflicting reports on the true "definition" of an origination fee.
After doing some reading... it seems like most banks will label their origination fees at points and those are deductable.
http://www.irs.gov/faqs/faq-kw108.html
But like I said... some banks will label their BS fees at an origination fee... and those are not deductable.
http://www.accesshome.net/library/glossary/OriginationFee.htm
The best thing is... if you get a 1098... deduct it. Or just ask your lender or accountant.
|
| Posted 1/9/06 3:47 PM |
| |
|
|
|
Re: Filling Taxes
You definitly have a form from closing that both the you, the buyer and the seller had signed. It could also be called Settlement charges. We also paid origination fees of 1% and that is not deductiable b/c it is a fee that the lender is charging you to process the loan. What is deductiable from your closing is the school and property tax for and the interst you might have paid in advance. We closed on Feb 2nd and we paid interest from feb. 2 to march 1 and then our first mortgage payment was actually April 1. Again, if you give your accountant all the forms you received durning the closing he will be able to fish through it and take out what you need and just remember to keep any interest statments you get in the mail.
|
| Posted 1/9/06 8:07 PM |
| |
|
