Author Topic: Taxes: new house/mortgage question  (Read 1440 times)

ETBen

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    • I started a journal about single parenting and the new life towards FIRE
Taxes: new house/mortgage question
« on: January 29, 2016, 06:25:05 PM »
I am the buyer, not the seller.  THe Seller contributed 13k to closing. 

I have my 1098 with:
- Interest Paid
- Property Taxes Paid
- Mortgage Insurance Paid (ugh, long story)

However I also have my HUD1 from Settlement with the following.  Am I to add these in to my deductions? 

- "Adjustments for Items paid by Seller in Advance. County Taxes 8/9-12/31". I assume NO b/c it was paid by the Seller
- "Paid from Borrowers Funds at Settlement.  Daily Interest charges 8/19-9/1". I assume YES
- "Paid from Borrowers Funds at Settlement.  Mortgage Insurance Premium 5648". I assume YES.  This is an FHA loan so there was a sum up front for PMI.
- Transfer Taxes???  No idea. 
- I did not include anything from Escrow, only what was paid out in 2015.

ETBen

  • Bristles
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  • Posts: 405
    • I started a journal about single parenting and the new life towards FIRE
Re: Taxes: new house/mortgage question
« Reply #1 on: January 29, 2016, 07:22:04 PM »
Actually, I figured that out with more research.

But I'm confused by something else.  I'm sure I'm overthinking this. 

TaxAct has the section for Dependent Care.

First it asks for Child Care Credit - PRovider Summary and the amounts paid

But then there is Dependent Care - Qualifying Persons Expenses as another page in the same section.  Am I entering the same amount twice??

I have 2 kids but only paid childcare for 1 of them.  Their father paid the other.

The result was:

Dependent Care Expenses: 6759
Expense limit based on 2 persons: 6000 (even thought I didn't pay child care for one??  I claim both kids as dependents.)
And then it calculated the credit percentage based on my AGI.


 

Wow, a phone plan for fifteen bucks!