TAXMAN Posted February 15, 2019 Report Share Posted February 15, 2019 In checking over HUD stmt for first time buyer, I see points paid and a rather large Guarantee fee to Rural Housing. Its 1% of loan. I think this is deductible as it would not be considered PMI. Am I ok on this one? your thoughts Quote Link to comment Share on other sites More sharing options...
Possi Posted February 15, 2019 Report Share Posted February 15, 2019 Points and Origination Fees are considered interest, thus deductible. If it is not another form of interest, I don't see how it is deductible. Quote Link to comment Share on other sites More sharing options...
Possi Posted February 15, 2019 Report Share Posted February 15, 2019 https://www.google.com/search?q=tax+deductible+hud+fees&rlz=1C1FLDB_enUS527US719&oq=tax+deductible+hud+fees&aqs=chrome..69i57.6191j0j7&sourceid=chrome&ie=UTF-8 Closing Cost Deduction HUD-1 Line # Closing Statement Description Tax Treatment - Personal Residence 802 Loan Discount Deductible as itemized deduction ('points') on Form 1040 schedule A 803 Appraisal Fee Basis 804 Credit Report Non-deductible 805 Inspection Fee Basis Quote Link to comment Share on other sites More sharing options...
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