What Information Do I Need From My HUD Statement?

[user314159]

Many questions on the forums link to a reference a help page titled, "What Information Do I Need From My HUD Statement?" But the link is broken. Does anyone know the location of the updated URL? Or the info inside it?

[ColeenD3]

Please see the responses in this LINK.

[Carl]

That link is not accurate, in that it does not provide the clarity needed.

Basically, costs associated with acquisition of the property are added to the cost basis of the property and depreciated over time. Examples would include title transfer fees paid at the courthouse to remove the seller's name from the deed and replace it with the buyer's name. If this is a refinance, then you don't have "any" of these costs since the property was acquired with the original loan.

Cost associated with acquisition of the loan are amortized and deducted over the life of the loan. Examples would include points paid at the closing, and survey fees if the lender required a property survey as a condition of approving the loan.  If this is a refinance, then these will be the only costs you will have. Once you have worked it through the program correctly you should see the total of these expenses in the assets/depreciation section listed as "refinancing fees" or something similar.