Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

We have a HUD Statement on the closing of our home we just refinanced. Is any of this deductable?

HUD Statement Refinance Home
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Lisa Nason CPA, MST
If the mortgage refinance was for your main or second home then you are only allowed to deduct qualifying points over the life of the loan. Qualifying points are usually fees paid to the lender for the loan. Bank fees, attorney fees, and other closing costs are not deductible.

If, however, the mortgage refinance was for your rental property then all expenses (including points plus other loan expenses) in connection with securing the loan are deductible over the loan term.
Leave a Comment 386 weeks ago

User Photo
Henry Lock
On the refinancing of a home the points or loan origination fees, if any, are deductible / amortized over the life of the loan. Also, deductible are real estate taxes if paid / noted on the HUD statement. Other fees such as title insurance, abstracts, etc. are not deductible.
Leave a Comment 386 weeks ago


Meet Leading Tax Advisors

User Photo John Stancil

Professor

Lakeland

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John Dundon, II EA

Tax Director

Denver, CO

User Photo William Rogers, CFP, MBA, EA

CEO/Certified Financial Advisor

Rancho Santa Fe, CA

User Photo Monika Miles

President

San Jose, CA

User Photo Blake Christian

Tax Partner

Long Beach/ Park City, CA

User Photo John Richardson

Lawyer

Toronto, Canada

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today