HUD-1 what can I deduct. Line 103,106,801,803,901,902,1203 anything else? Also how to list in turbo tax

    Real estate taxes, mortgage interest (which would include daily interest charges as well as points), and mortgage insurance premium you pay are tax deductible items on your closing statement.

    For a refinance, you are required to deduct the points over the life of the loan unless the loan is used to substantially improve your residence

    To enter mortgage interest and points paid, type in “mortgage interest” (without the quotes) in the search window, highlight the same phrase in the box below, click Go and follow the prompts

     In TurboTax Online, you will find the search window by clicking on Tools (top right), then Topics and Forms
    To enter property taxes paid, follow same procedure as above, type in “property taxes-real estate”
    To enter mortgage insurance premium, type in “mortgage insurance-insurance” Follow same procedure as above.
     The following items on your closing statement increase the cost basis of your home but are not deductible.

    Attorney fees in connection with obtaining property
    State stamp taxes and transfer taxes
    Tax service fees
    Title policy fees or title insurance
    Miscellaneous abstracts of title, surveys, recording of deed   

     Keep the closing statement for your records as the above will benefit you when you sell your property.

    If you are not sure how to identify the above on your HUD-1 statement, contact your lender for an explanation.
      Contribute an answer

      People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

      1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
      2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
      3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
      4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
      5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.