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MATTMAN6
New Member

What amounts are tax deductible on my HUD settlement statement

What amounts are tax deductible on my HUD settlement statement

1 Reply
DS30
New Member

What amounts are tax deductible on my HUD settlement statement

When you buy or sell a home, you will only be able to claim a deduction for a limited amount of the closing costs. (Most other non-deductible closing costs will be add to the basis on the property purchase/sold.)

The only closing costs listed on your HUD statement that may be deductible if paid by you  and if you are itemizing your deductions would be amounts you paid at closing for any county or city taxes (additional property taxes) (lines 106. 107), loan origination fees or loan discounts (lines 801,802) and prorated mortgage interest (line 901) (if not included on your Form 1098 from your mortgage lender).

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