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New Member
posted Apr 4, 2024 4:03:05 PM

Where can I add settlement fees & closing costs to the basis of my property?

I have had a reverse mortgage for less than a year and would like to take deductions for settlement fees & closing costs, such as Transfer Taxes and Recording Fees. I have a HUD-1 but no 1098. Where do I enter that information?

0 1 2028
1 Replies
Expert Alumni
Apr 4, 2024 4:19:41 PM

 

If you sell, you can add the amount you paid for transfer taxes, and recording fees to your basis (your cost) to lower Capital gain but it isn't reported on your tax return anywhere.