Hud Question

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • BOB W
    Senior Member
    • Jun 2005
    • 4061
    #1

    Hud Question

    Buyer had on line # 905 (page 2) "VA FUNDING FEE TO VETRANS ADMINISTRATION" of $7,095.

    Does anyone know if this is can be interest or what??
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.
    Tags: None
    • BHoffman
      Senior Member
      • Feb 2008
      • 1768
      #2
      Might try pg 6-2. Shows not deductible for residence, but other info for rentals.

      I had to hunt around a little yesterday for that page.

        Comment

        • BP.
          Senior Member
          • Oct 2005
          • 1750
          #3
          Originally posted by BOB W
          Buyer had on line # 905 (page 2) "VA FUNDING FEE TO VETRANS ADMINISTRATION" of $7,095.

          Does anyone know if this is can be interest or what??
          Bob, this is mortgage insurance. It is deductible for 2008 loans. See pub 936, p. 7 under Mortgage Insurance Premiums for discussion of VA Funding Fee.

          http://www.irs.gov/pub/irs-pdf/p936.pdf

            Comment

            • BOB W
              Senior Member
              • Jun 2005
              • 4061
              #4
              Originally posted by BP.
              Bob, this is mortgage insurance. It is deductible for 2008 loans. See pub 936, p. 7 under Mortgage Insurance Premiums for discussion of VA Funding Fee.

              http://www.irs.gov/pub/irs-pdf/p936.pdf
              Cool > client will love it. Thanks for the info.
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

                Comment

                • BHoffman
                  Senior Member
                  • Feb 2008
                  • 1768
                  #5
                  Glad you answered BP! I'm now a little confused about the info on page 6-2 though.

                    Comment

                    • BP.
                      Senior Member
                      • Oct 2005
                      • 1750
                      #6
                      Originally posted by BHoffman

                      I'm now a little confused about the info on page 6-2 though.
                      Love the TTB 6-2 chart. Look at chart entry for lines 902-905 - "Mortgage insurance premium- Asterisk." Asterisk says if qualified, MIP may be deductible.

                        Comment

                        • taxea
                          Senior Member
                          • Nov 2005
                          • 4292
                          #7
                          Good on you BP

                          How is anyone supposed to know that VA FUNDING FEE TO VETRANS ADMINISTRATION is mortgage insurance...couldn't they just have said that?

                          Tax preparers are now expected to be mind readers.....I knew one could get a VA loan, but who could ever decipher this as mortgage insurance????? taxea
                          Believe nothing you have not personally researched and verified.

                            Comment

                            Previous template Next

                            Disclaimer

                            Collapse

                            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

                            Working...