Which line items in my HUD-1 statement go to each field in my Turbo Tax closing settlement paperwork section of my refinanced income property in Business section

[PaulaM · Accepted solution]

HUD1 settlement statement may vary somewhat, but in general all of your refinancing expenses would be deductible for a property used in business or rental activities. Find the Total Settlement Charges on page 2, line 1400.

Deductible HUD1 expenses and the approximate line locations:

• Escrow Fees- 1102
• Notary Fees-1110
• Title Insurance-1101
• Legal Fees-1111
• Recording Fees-1201
• Transfer/Stamp Fees-1204-1205
• Documentary Fees-1109
• Property Surveys-800+
• Inspections Fees-1301+
• Other Fees-1301+
• Loan Origination Fee- 803 net (801 +/- 802)
• Loan Discount -802
• Appraisal -804
• Credit Report- 805
• Commissions-703
• Mortgage Insurance-902

[edited 4/4/16 7:38 PM PST]

[zolbot]

Thank for the pointers.
This was a refinance for an investment rental property.
Specifically I'm having trouble matching up the following fields in Turbo Tax to the HUD 1 statement
- Escrow Fees
- Notary Fees
- Title Insurance
- Legal Fees
- Recording Fees
- Transfer/Stamp Taxes
- Documentary Fees
- Property Surveys
- Inspection Fees
- Other Fees

[PaulaM]

Ok. These are all deductible for a rental. I'll get the appropriate lines worked up.

[zolbot]

I understand that HUD forms vary but this is what I've been able to figure.
- 801 or 803 ---> Loan Origination Fee
- ??? ---> Loan Discount
- 804 ---> Appraisal Fee
- 805 ---> Credit Report
- 703 ---> Mortgage Commissions
- 902 ---> Mortgage Insurance
- ??? ---> Escrow Fees
- 1101 ---> Title Insurance
- ??? ---> Legal Fees
- 1201: Government Recording Charge ---> Recording Fees
- 1204-1205: City/State Tax/Stamps ---> Transfer/Stamp Taxes
- 805a: Tax Certification Fee ---> Document Fees
- 807: Flood certification ---> Property Surveys
- 808: Flood determination ---> Property Surveys
- ??? ---> Inspection Fees

[PaulaM]

Escrow Fees- 1102
Notary Fees-1110
Title Insurance-1101
Legal Fees-1111
Recording Fees-1201
Transfer/Stamp Fees-1204-1205
Documentary Fees-1109
Property Surveys-800+
Inspections Fees-1301+
Other Fees-1301+

Loan Origination Fee- 803 net (801-802)
Loan Discount -802
Appraisal -804
Credit Report- 805
Commissions-703
Mortgage Insurance-902

Did I miss anything?

[zolbot]

Double checking

[zolbot]

For Escrow Fees- 1102, if there is no number in the "Paid from Borrower's Funds at Settlement" column then the $0, correct

[PaulaM]

checking

[PaulaM]

On my sample form - It looks like 1101 is the summation of all below it. All items in section 1100 added together

[zolbot]

And last thing, Does item "806: Tax Service to" go anywhere.  Thanks for your help this was a weekend's worth of trying to figure out

[PaulaM]

I saw that too. It doesn't fit neatly in the categories. I would enter it in Other Fees since it doesn't specify what kind of tax. Bottom line - Everything you itemize on the Loan Information page should equal to the total on line 1400, total settlement charges. The categories aren't really all that imp. to differentiate. They are all legitimate allowable expenses.

[zolbot]

I was figuring the same about line 1400 too. Thank you again, you were very clear in your answers.

[PaulaM]

You are welcome! Thanks for hanging with me while I worked it up.

[zolbot]

Oops, I lied I have one more question.... the 3 remaining item that I found are the following but I gont think they actually belong in this part of Turbo Tax.
901: Daily interest
904: Other insurance to
1001: Initial deposit for your escrow account

would I be right in assuming that 901 is part of my 1098 Mortgage interest,  904 is part of my insurance operating expense and 1001 was just rolled over escrow funds from the original mortgage so its not deductible.