PaulaM
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Get your taxes done using TurboTax

Yes, you can use the HUD-1 settlement statement to locate the additional expenses not reported on form 1098. Be careful not to duplicate the expenses. Select Federal Taxes>Deductions & Credits. Enter interest, points, mortgage insurance and property taxes in the Your Home section.

Items on HUD settlement statement that may be deductible:

  • interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment). Line 901.
  • real estate taxes charged to you. Line 1004.
  • points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home, - lines 801 and 802, net on 803 on the HUD-1
  • private mortgage insurance costs but, if prepaid, only the amount allocated to this year based on an 84 month amortization. Line 902/1003.

Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home, and not deductible.

https://www.irs.gov/pub/irs-pdf/p936.pdf

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