Line 801,802, and 803 on HUD 1 deductible?

Line 801,802, and 803 on HUD 1 deductible?

Postby dewey65 » Fri Feb 04, 2011 10:43 am

My husband and I bought our first home on 8/24/10.I know we can deduct the points listed on our Mortgage Interest Payment form as well as those that are not listed, but included on our HUD-1 closing statement. What I am unsure of is the amount we can deduct. Here is the info I have:

Points paid from mortgage interest payment form: $2509
HUD 1 line 801: Origination Charge: $12,216.67
HUD 1 line 802: Credit or Charge(Points) " -$7375.67
HUD 1 line 803: Adjusted origination charges" $4839.

From what I read , you can deduct line 801 and 802 in addition to what is reported on the mortgage interest form. What confuses me is line 803, because it supposed to be listed an appraisal fee but on ours is is an adjusted origination charge. Does that mean we can only deduct what is listed on 803 ($4839) instead of line 801 & 802( $12,216 + $7,357)?
dewey65
 
Posts: 82
Joined: Fri Jan 21, 2011 3:25 pm



Return to Mortgages



 


  • Related topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: No registered users and 1 guest