How to Read Closing Statement?

[jw5525@yahoo.com]

But what I'm a bit unsure of is how to properly read their closing statement to make sure I get everything that's deductible - like the mortgage interest, points, taxes, etc.

There's some items that read loan origination fees, VA funding fee, city/town taxes, taxes paid to "lender name", etc.

Are VA funding fees deductible.

Can somebody help me out here or point me to a good site that has some detailed info? I need to be able to differentiate and break down what's what on this closing statement? Is it a standard statement where items are placed on the same "line" per say? Like the "loan origination fees" are on line "801" or something like that..

Any help is GREATLY appreciated!

Thanks

Jay W

[Bees Knees]

See TheTaxBook, page 6-2 for the chart: "Tax Treatment of Settlement Costs on Purchase or Sale of Real Estate."

[dkss]

Nice breakdown in TTB

see The TaxBook (TTB) pg 6-2