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

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    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
    Commissions
    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.
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