Tax Deductions in Home Purchase

[troyrmeyer]

What is the name of your state (only U.S. law)? CA

My wife and I recently purchased our first house this year. My question is about what is deductible on the purchase transaction. If I'm correct, the county taxes, interest, and mortgage insurance premium (FHA purchase) is deductible.

What I'm uncertain of, is if the "loan origination" fee and "discount points" are deductible, as they are not shown on our HUD-1. The other items I mentioned above are. The discount points are shown on the good faith estimate and the loan origination fee is shown on the good faith estimate and "mortgage broker fee agreement".

Are these deductible? And if they are, are they still deductible if they aren't on our HUD-1?

Any help would be appreciated! Thank you!

 

[FlyingRon]

Huh? How are the origination fee and points NOT shown on your HUD-1?

Points (prepaid interest) is deductible fully the purchase year.

Fixed "origination" and other nuisance fees are NOT deductible. The PMI is deductible last year if your AGI is less than $100K.

 

[troyrmeyer]

Thanks for your reply, AGI is less than 100k, so the MIP is deductible!

I know, it's weird, none of the fees (doc prep, processing fee, etc.) are on there; just purchase price, MIP, taxes, interest, hazard insurance, and deposits. If the origination fee is shown on the "mortgage broker fee agreement" (expressed as 1% [or is that still fixed?]), can I deduct it, or does it have to be on the HUD-1?

Or perhaps I should go back to the broker and ask for a more detailed final statement/good faith estimate?

 

[LdiJ]

Are you possibly ignoring the first time homebuyer credit or the long term homebuyer credit?

 

[troyrmeyer]

Thank you for the reminder, but when we bought our home back in September, I filed an amendment to my '08 taxes right after the purchase and have already received the first time homebuyer credit. This is my last big "how do I do this" tax question for the home purchase...I think