I am filling details for my rental townhouse that i bought in 2023. Heading on the page is 'Enter Escrow fees' and it says enter any fees you paid while buying.
Heads are:
Abstract and Recording fee
Legal fees/Title search, Doc preparation
Land surveys
Transfer or Stamp taxes
Expenses you paid for the seller
i paid some fee to my mortgage lender on loan application, then application and underwriting fee- where should it go?
i paid some HOA capital contribution and HOA statement fees- where should it go?
i paid for property inspection- where should it go?
I added some appliances and fixtures to the house before giving on rent. Also bought warranties for them. Where should i report those? I would want them to be added to the cost of the house ideally.
While i paid some money in escrow for HOA, insurance, property tax but that I entered under the expenses section so i am not adding them here. IS that right?
My builder gave me some credit if i took a loan from their own company. If not, there was no credit. I used that credit to purchase points when buying the loan. It did not lower my house price . Where should they go? should they be reported under seller paid points section? I did not get any financial benefit as they quoted me a high rate and then used points to bring the rate to the market level. The lender Discount Point Fee disclosure says - "There are a total of 2.650 discount point(s) on this loan, which may be paid by the borrower, seller, lender and/or third party. You are paying 1.327 of the 2.650 discount points." Should i report 1.327 under Seller paid points?
In the subsequent sections, it asks for Land cost under Property TAx values and I saw that my property tax statement has no mention of land cost. My home insurance of type condominium insurance also does not list it. How do i get it? It is a townhome.
Finally, this house is in the name of a Revocable TRust for which I am the beneficiary. Do I have to report the income/expenses/cost any differently than owning it as an individual?
Sorry for the lond list.
Thanks in advance.
RG
