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ssmclat
New Member

How do I input prepaid interest and property taxes from my closing documents on a new home purchase as I did not receive a 1098 for these?

I did not get a 1098 for these taxes and interest paid, so how do I enter it, under what 'lender name'
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3 Replies
MichaelG81
Expert Alumni

How do I input prepaid interest and property taxes from my closing documents on a new home purchase as I did not receive a 1098 for these?

Prepaid interest is usually included on the banks 1098. Have you contacted bank about your 1098? It can be difficult to amortize the amount for interest and principal payments without a 1098. Lender name is the name of the bank or institution you have your home loan with. 

 

Go to Deductions and Credits>Your Home>Mortgage interest/Property Taxes >Start

 

@ssmclat 

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maglib
Level 10

How do I input prepaid interest and property taxes from my closing documents on a new home purchase as I did not receive a 1098 for these?

@ssmclat You can deduct any taxes paid or mortgage interest as part of your closing costs and reported on your HUD- Do NOT  change the 1098 entry

Here are HUD lines that may be deductible if you itemize and do not take the standard deduction.

  • 210 - City/town taxes - Deductible as itemized deduction on Form 1040 schedule A
  • 211 - County taxes - Deductible as itemized deduction on Form 1040 schedule A
  • 801 - Loan Origination Fee - Deductible as itemized deduction ('points') on Form 1040 schedule A
  • 802 - Loan Discount - Deductible as itemized deduction ('points') on Form 1040 schedule A
  • 901 - Daily interest charges - Deductible as itemized deduction - this interest typically included in year end interest statement (Form 1098)
  • 1004 - Property taxes - Deductible as itemized deduction when paid from escrow; can be added to property taxes on your 1098 to indicate total amount of property tax paid for the year. 

You'll enter them in the Deductions & Credits section:

  In the search box, search for "real estate taxes" and then click the "Jump to" link in the search results.

1. Answer Yes to the question Did you pay property or real estate taxes in 2017?

2. Enter your property/real estate taxes on the next screen.

 

 When your property/real estate taxes are included on your 1098, you’ll enter them as part of your Mortgage Interest. But, if they aren’t listed on your 1098, you’ll enter them separately as property/real estate taxes.

**I don't work for TT. Just trying to help. All the best.
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I am NOT an expert and you should confirm with a tax expert.
ssmclat
New Member

How do I input prepaid interest and property taxes from my closing documents on a new home purchase as I did not receive a 1098 for these?

Thank you.  I did finally find the prepaid interest on the lender's 1098, but the taxes paid had an asterisk stating 'see closing disclosure'

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