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If I bought my first home this year, which items on the HUD-1 form can I enter as deductions? Can I deduct my mortgage insurance premium and origination / processing fees?
You should report deductible expenses on Schedule A. The only expenses you can deduct are mortgage interest or real estate taxes. You can't deduct any service fees.
You can fully deduct points you paid on a loan to finance the purchase of a main home in the year you paid them if all of these apply:
You must deduct loan-origination fees that are considered points over the life of the loan. You can't deduct loan-origination fees in lieu of service fees.
You can only deduct mortgage insurance premiums paid or accrued on a contract issued after Dec. 31, 2009, and prior to Jan. 1, 2014. Treat the premiums as qualified residence interest. Deduct them on Schedule A. You must amortize prepaid mortgage insurance premiums over the shorter of:
You can only deduct prepaid real estate taxes that you actually paid to the taxing authority. You can't deduct prepayments placed in an escrow account until they're actually paid to the taxing authority.