HUD-1 SETTLEMENT STATEMENT
CAN THE BUYER CLIAM DEDUCTION IN SCH A FOR THE COUNTY TAXES PAID ON LINE 211 AND LINE 1004 IN HUD-1. THANKS!
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d8X-U6rQqqllvkab8P4pmk
02/07/09 12:20pm PST
Viewed by asker 04/01/09 8:53pm PDT
Viewed by asker 04/01/09 8:53pm PDT
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Accountant Man
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Questions answered: 12246
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Accountant Community AllStar
Advisory council of Accountant community power users.
02/07/09 1:37pm PST
The solution
Not for lines 211 or 1004, but yes for lines 106-107. 1004 is for escrows, so they cannot be deducted until paid by the escrow agent. Line 211 is for amounts paid by others for the benefit of the buyer, so no.
I'm calmer now. Whew!
Grafton
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Questions answered: 1656
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Accountant Community AllStar
Advisory council of Accountant community power users.
02/07/09 1:49pm PST
Deduction for line 211 only. Line 1004 is tax escrow held by the lender. When the lender pays the tax it will become a deduction for the taxpayer. The lender will issue a substitute Form 1098 which should provide the taxpayer with the amount paid.
Grafton
Questions asked: 21
Questions answered: 1656
Points earned: 4677
Questions answered: 1656
Points earned: 4677
Accountant Community AllStar
Advisory council of Accountant community power users.
02/07/09 1:51pm PST
I stand corrected. Line 211 is not a deduction. It's been a long day. I'm going home.
Accountant Man
Questions asked: 141
Questions answered: 12246
Points earned: 33898
Questions answered: 12246
Points earned: 33898
Accountant Community AllStar
Advisory council of Accountant community power users.
02/07/09 7:26pm PST
Latest post
Grafton, thanks for catching your own mistake. It takes a big man...
I'm calmer now. Whew!
