My Closing Disclosure includes different lines with indications to PMI. Do I add them all up as the PMI?

[brianpoon92]

So this question is more for curiosity in preparation of Congress' decision about PMI deductions. On my Closing Disclosure, I had FHA Upfront MI Premium listed, which I'm certain is the PMI. However, I also have other items listed under "Initial Escrow Payment at Closing" for Homeowner's Insurance. Is that also considered PMI and do I add them both up? 

[pk]

The disclosure form or the HUD-1 form  does not get transferred to IRS-- therefore  you have to use the 1098-INT that should have received from your lender -- that should show PMI, property taxes ( if escrowed), principal at start of year/closing date and principal at 12/31/18.

If you have sold a property then , yes the HUD-1 or the closing final paperwork needs to be used to reconcile and report the sale.  

Does that make sense ?

[brianpoon92]

Sort of... but what if I did not receive a 1099-INT from the lender :(

[pk]

All lenders are required to provide 1099-INT -- this is true even for land-contract type of private loans. However, if you did not get the 1098-INT or cannot get because of other reasons, you may have to compute the boxes that would have been there on 1098-INT.   And definitely there can be no PMI on private loans.   From your post it looks like FHA approved loan -- therefore there is no reason why your lender did not provide 1098-INT --- some lenders now do not send out paper 1098-INT.  You have to go to their site and download the 1098-INT.  That may be your case.

[brianpoon92]

I got a 1098, but without the "-INT" in the name. I was reading that the 1099-INT was only if my escrow account gained money- which I don't think it did. Is that still true? i checked my lender's website and it only showed a 1098 available.

[pk]

yep , that is the one -- 1098 is good. Glad you found it