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russellmroberts
Returning Member

Place to put mortgage processing and underwriting fee in Turbo Tax?

In Turbo Tax, where do I enter mortgage origination "processing fee" and "underwriting fee" on investment property?   I can find where to itemize other purchase related costs, but not those two specifically.    

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JohnB5677
Expert Alumni

Place to put mortgage processing and underwriting fee in Turbo Tax?

You can’t completely deduct all the costs of closing on your house. Only a few eligible ones make the cut. The IRS denotes the following as deductible costs:

  • Sales tax issued at closing
  • Real estate taxes charged to you when you closed
  • Mortgage interest paid when cost was settled
  • Real estate taxes that were paid for by the mortgage lender
  • The interest you paid at the house’s purchase
  • Loan origination fees (a.k.a. “points”). These would be written as a percentage of the borrowed money.

Additional closing costs that are not deductible include

  • Tax stamps,
  • Attorney fees,
  • Title insurance,
  • Title search and
  • Document preparation fees.
  • None of these closing costs are deductible on your federal income tax return. 

 However, those costs can be included in your cost basis when selling your home.

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