My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it?
My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.
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Home Buyer’s expenses
Home buyer’s expenses Home purchases are considered a very expensive affair, especially if you happen to use mortgage loan to buy one. The kind of expenses that crop up are sometimes mind boggling and can leave you flabbergasted, if you are not ready with the payments. If not ready with payments, the dreams that you have always nurtured regarding buying the house can fade away in an instant and turn into a nightmare. If you are first time home buyer, it is advisable that you do some research before venturing out, to be ready with all facts and figures. You can contact your real estate agent to get a run down on costs associated with the deal. Costs can be classified into different types: Mortgage related charges: These are normally those charges which are associated with the mortgage part of the deal. The bank or lending institution shall charge you certain fees for application, processing and insurance. These come in the form of one time fees except for mortgage insurance, which could be an annual premium payment. If you opt for an all cash deal, these expenses might not trouble you. Inspection and appraiser fees: These are statutory fees which are to be paid to the home inspector who conducts an inspection of the house and the appraiser who values the property’s worth. The appraiser fees are normally borne by the seller. Sourcing fees: These include payments to different professionals who have been employed by you for the sake of processing of the deal. They can include the lawyer, the real estate agent, the closing agent as well as the title company. Taxes and Registration charges: These charges are those which are levied by the government and hence, you cannot afford to miss these at any cost. Any lapses in these can make you liable for legal action and even result in confiscation, if not rectified immediately. Expenses related to your new house: They can vary from person to person, depending on personal choices. The interiors can be redone of you wish you, which will incur some expenses by way of curtains, carpets or furniture and even equipments. Structural modifications may also be done by the new owner. The expenses related to your new house should also include the relocation charges, if you intend to move in. Common maintenance charges and utility payments: Transfer of water and electricity connections as well as the community maintenance charges are included in this classification. While most owners are ready with an extra amount to take care of such expenses, it is advisable to check the approximate amount that is required for each one of these charges, so that you are not caught on the wrong foot, as and when the bill is presented.
