Can I use Hud-1 Settlement Statement to report taxes, insurance, etc.?

[Natoli]

I bought a home and did not receive a 1098 form from the original mortgage company. I only received a 1098 from the mortgage company that purchased my mortgage and services the loan. Can I use my Hud-1 Settlement Statement to report Taxes, insurance, and other cost incurred for purchase and where can I report these items?

[PaulaM · Accepted solution]

Yes, you can use the HUD-1 settlement statement to locate the additional expenses not reported on form 1098. Be careful not to duplicate the expenses. Select Federal Taxes>Deductions & Credits. Enter interest, points, mortgage insurance and property taxes in the Your Home section.

Items on HUD settlement statement that may be deductible:

• interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment). Line 901.
• real estate taxes charged to you. Line 1004.
• points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home, - lines 801 and 802, net on 803 on the HUD-1
• private mortgage insurance costs but, if prepaid, only the amount allocated to this year based on an 84 month amortization. Line 902/1003.

Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home, and not deductible.

https://www.irs.gov/pub/irs-pdf/p936.pdf

[cullenchoi]

I refinanced my primary home on 12/23/20, and paid less than $600 in interest for 2020 based on the timing - so I never received a 1098. I do have the Settlement Statement from the title company, as well as the Closing Disclosures - but I don't know where to enter any information related to fees, points, or interest paid. 

Where do I find the correct form in Turbo Tax as I'm only asked for 1098s?

[JeffreyR77]

You can add the interest manually in TurboTax from the closing disclosure. 

You may need to contact the lender to get their tax ID number. 

Points on the refinance are deductible over the period of the loan, so you can deduct this year's allocation of the points only this year. 

The remaining closing costs should be added to the basis of the property.  No other closing costs will be deductible on your tax return this year. 

What Closing Costs are Deductible on My Taxes