msjs91011
New Member

Home loan origination fees help please

I got an FHA loan on June 21 2016. For the questions asking "did you pay points in 2016...?" I have the following questions.

1) Line A on my Closing Disclosure has an amount of $1544.00
Beneath Line A are these lines:
01 % of Loan Amount (points) ==-blank==
02 Administration Fee 995.00
03 Processing Fee 549.00

the 2 form 1098 that I received both say I paid 0 points. what do I do? I want my deduction if I am entitled to it. thanks.
PaulaM
Expert Alumni

Deductions & credits

From what you have included above, it looks like you did not pay any points on this new loan. Answer 'no'. But look at the settlement statement for other possible deductions.

  •  interim interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment). 
  • real estate taxes charged to you. 
  • private mortgage insurance but, if prepaid, only the amount allocable to this year based on an 84 month amortization. 

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"