Help determining escrow fees for rental property

[engineerdavid]

Turbotax is asking me to input the following escrow fees for my rental property:

A Abstract and Recording Fees

B Legal Fees, Title Search, Document Preparation

C Land Surveys

D Title Insurance

E Transfer or Stamp Taxes

F  Expenses You Paid for the Seller

I do not have a HUD-1 but I do have a settlement statement. The HUD numbers on my statement don't seem to align with the ones Turbotax suggests. Some of these make sense where to put them but others don't can you please help me figure out where the fees below fit into the categories above?

The following fees are included:

Hud#. Description

801   Loan Origination Fee

803   Appraisal Feee

804   Credit Report/Scoring Fee

812   Underwriting Fee

814   Flood Certification

816 Closing Fee

901. Per Diem Interest

902. FHA MIP Premium

903. Hazard Insurance Premium

910. Tax Pro Ration

1001. Hazard Insurance Escrow

1004. County Tax Escrow

1012. Aggregate Escrow Adjustment

1101. Settlement or Closing Fee

1109. Title Ins. Lenders Coverage

1110. Title Ins. Owners Coverage

1111. Endorsement Fees/Premiums

1113. Wire Fee

1201. Recording/Filing Fees

1303. Overnight Mail Fees

[AmyC · Accepted solution]

The program is trying to help you. You need to know:

• part of it is deductible now -mortgage interest, taxes, and insurance paid are deductions, 
• some of it adds to the basis -  the items you listed 
• some of it does not count now or at all. Escrowed items will count when they are paid out for those items.

Rental Expenses | Internal Revenue Service

I have highlighted / noted what you need for this year to create your basis or put on your sch E.

Hud#. Description

801   Loan Origination Fee  points to deduct this year

803   Appraisal Fee - legal fee

804   Credit Report/Scoring Fee - no, this is related to financing, not purchase

812   Underwriting Fee - legal fee

814   Flood Certification - legal fee

816 Closing Fee - legal fee

901. Per Diem Interest - mortgage interest deducted now

902. FHA MIP Premium - mortgage deduction now

903. Hazard Insurance Premium - insurance premium deducted now

910. Tax Pro Ration

1001. Hazard Insurance Escrow

1004. County Tax Escrow

1012. Aggregate Escrow Adjustment

1101. Settlement or Closing Fee

1109. Title Ins. Lenders Coverage -title insurance

1110. Title Ins. Owners Coverage - title insurance

1111. Endorsement Fees/Premiums

1113. Wire Fee

1201. Recording/Filing Fees - matches  A - recording fees

1303. Overnight Mail Fees