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.
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.
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.
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