Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 03-03-2013, 07:21 PM
Junior Member
 
Join Date: Mar 2013
Posts: 2
Lender paid closing costs

I purchased a rental property in January and paid off the full balance before year end. I cannot figure out what to do about the lender credit for closing costs. The HUD-1 does not call out specific fees that were paid, just a lump sum along with a smaller seller credit. How and where on the tax forms do I enter this lender credit? There are some costs that I assume against cost basis (ex title charges) and others that could be written off as an expense (loan fees) but how to apply the credits?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Lender paid point deductible? oliva Rental Real-Estate 5 02-24-2013 04:11 PM
Date of Closing for deducting closing costs sllauber Itemized Deductions 3 12-27-2012 03:17 PM
Seller's closing costs RSVP Homeowner Tax 1 11-15-2010 11:11 AM
Closing costs for vacant land purchase mantismm Itemized Deductions 1 02-07-2009 10:55 PM
What closing costs can I deduct from a purchase of a rental property? katlee Rental Real-Estate 1 02-11-2008 04:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.