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Deductions & credits
Be very very careful here. Sometimes the lender will include property taxes and interest you paid which is listed on the closing statement or HUD-1 (whichever you got at the closing) in the 1098 you receive. So if unsure, CALL THE LENDER and ask. Otherwise if you unknowing "double-dip" the IRS will fine you for reporting it wrong.
On the HUD-1 the prepaid property taxes are the totals of lines 106 and 107. For line 108, not all adjustments are deductible. So that's why I don't include that.
For deductible interest that may or may not be included on your 1098, that's on line 901.
On the HUD-1 the prepaid property taxes are the totals of lines 106 and 107. For line 108, not all adjustments are deductible. So that's why I don't include that.
For deductible interest that may or may not be included on your 1098, that's on line 901.
‎June 4, 2019
10:57 PM