In my HUD statement which of these amount in line 801 or 802 or 803 is tax deductable in year 2010?

In my HUD statement which of these amount in line 801 or 802 or 803 is tax deductable in year 2010?

Postby anwill89 » Thu Feb 03, 2011 3:05 am

801 Our origination charges $10,198.23
802 Your credit or charge(point) for specific interest rate chosen $-8623.23
803 your adjusted origination charges $1575.00(Paid from borrower's funds at settlement)

Thanks much in advance for all your responses.

Additional Details
I got this loan done through a broker from wells fargo
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In my HUD statement which of these amount in line 801 or 802 or 803 is tax deductable in year 2010?

Postby dumont » Thu Feb 03, 2011 3:07 am

Rev PRoc 94-27:
deductible---designated as points on the RESPA settlement statement(HUD-1) as "loan origination fees, Loan discount, Discount points, or Points
calculated as a % of the principal loan amount
are paid to acquire the taxpayer's principal residence
are paid directly by the taxpayer(included in earnest money, escrow or down payment--not derived from loan proceeds) points paid by seller are considered directly paid by taxpayer from funds not derived from loan proceeds if they are subtracted from the purchase price of the residence in computing basis
and
conform to established business practice in the area
these 5 points need to be fulfilled
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In my HUD statement which of these amount in line 801 or 802 or 803 is tax deductable in year 2010?

Postby cosmo27 » Thu Feb 03, 2011 3:08 am

If 801 says "loan origination fee"
and 802 says "loan discount fee" they are what are called points and you can deduct them as interest on a schedule A
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In my HUD statement which of these amount in line 801 or 802 or 803 is tax deductable in year 2010?

Postby colver » Thu Feb 03, 2011 3:10 am

I had basically the same question last year. Play it safe and click on the third and sixth links over here www.loanstalkcentral.tk
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