When you buy or sell a home there are both long term and short term tax consequences. For most, this is a good thing. For example, the one time costs of buying and selling- commissions, transfer taxes, escrow fees, et al, are deductible for most people in the year of the transaction. (you should, of course, consult your own tax professional. I am many things, chilluns, but I am not a tax guru!)
What does the IRS want to see as documentation for these expenses? The HUD statement that was mailed to you sometime after the close of escrow. Now, if you closed escrow on your home in December, no sweat. But what of the people who closed escrow in January or February? That bit of paper could be anywhere by now! This week my Staff (some might call them my Minders) sent each of my 2009 buyers and sellers a copy of their HUD 1 statement. It is one more way we can be of service. If you need a copy of your HUD 1 in order to file taxes there a couple things you can do.- Contact your escrow officer. They must keep copies of all their documentation.
- Contact your Realtor- they also keep copies of your file, however, they might need to order the file from their corporations storage facility
Posted via email from Glendale, La Crescenta, La Canada and Above
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