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Closing costs on an investment property may fall into one of three tax categories:
- Deductible as a current expense – These amounts are deducible in full as a rental expense in the year the property is purchased
- Amortized over the life of the loan – These amounts must be deducted evenly over the total number of loan payments required at the beginning of the loan
- Added to the cost basis of the property – These amounts must be added to the cost basis (i.e. the purchase price) of the property and must be depreciated
Note: The tax treatment of the items below relate to a purchase of an investment property. The tax treatment of these items when paid in connection with the purchase of a principal residence is much different.
HUD-1 Statement Line-by-Line – Page 1
100. Gross Amount Due From Borrower
- 101. Contract sales price – This is the purchase price of the property and must be depreciated.
TIP: Even if you are buying a condo, you must allocate part of this purchase price to the land that the house, building or condo sits on. The cost allocated to the land may not be deducted, depreciated or amortized. The amount that should be allocated to the land will vary based on the size and location of the property, but it is common practice to allocate 10% to 25% of the purchase price to the land.
- 102. Personal property – This is the purchase price of any personal property included with the property and must be depreciated.
- 103. Settlement charges to borrower (line 1400) – These are the total of the costs that appear on page two and are discussed below.
Adjustments for items paid by seller in advance
- 106. City/town taxes – These are allowed as a current rental deduction but must be reduced by any amount on Line 210
- 107. County taxes – These are allowed as a current rental deduction but must be reduced by any amount on Line 211
- 108. Assessments – These are allowed as a current rental deduction but must be reduced by any amount on Line 212. However, if the assessments are specifically labeled as local improvement district (LID) assessments, they are not currently deductible and must be amortized over the life of the loan.
200. Amounts Paid By Or In Behalf Of Borrower
- 201. Deposit or earnest money
- 202. Principal amount of new loan(s)
- 203. Existing loan(s) taken subject to
These amounts are all included in the purchase price on lines 101 and 102 above. The amounts on line 201, 202 and 203 do not get separately deducted or amortized, but the interest paid over the life of the mortgage is deductible when paid.
Adjustments for items unpaid by seller
- 210. City/town taxes
- 211. County taxes
- 212. Assessments
These amounts reduce any deductible amounts on lines 106, 107 and 108 above.
HUD-1 Statement Line-by-Line – Page 2
700. Total Sales/Broker’s Commission – This is paid by the seller and has no tax effect on the buyer.
800. Items Payable In Connection With Loan
- 801. Loan origination fee
- 802. Loan discount
These items must be amortized over the life of the loan.
TIP: Many people think that these amounts (usually referred to as points) are a current tax deduction. However, the only time that points are allowed as a current deduction
