Home Selling in 66043>Question Details

Emily, Home Buyer in 66043

we sold our home in 2009...is the HUD all we need for tax purposes concerning the sale?

Asked by Emily, 66043 Tue Jan 19, 2010

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0 votes Thank Flag Link Wed Jan 2, 2013
It will be an important element, but like others said, if it is your primary or an investment property, you will still need to recharacterize the income or exclude the capital gains according to IRS rules found in the link provided.
0 votes Thank Flag Link Wed Jan 20, 2010
That should take care of it...and the interest statement from the you lender, if you made mortgage payments in '09.
Web Reference: http://www.KyleGroves.com
0 votes Thank Flag Link Wed Jan 20, 2010
Your HUD-1 should be sufficient...the costs of the sale are outlined on this document. You should also receive a statement from your mortgage holder regarding the amount of interest you paid which is also tax deductible. Call your accountant, however, and make sure there is nothing more that they will need in connection with your home.
0 votes Thank Flag Link Tue Jan 19, 2010
Emily

Your question is a little vague I do not know if this was a primary residents or and investment property, they are both treated a little differently. Before you meet with your account I would call and make sure you have al needed information.

Additionally, when you sold your property the escrow office that helped you sign should have given you a complete packet of all the closing paperwork. Everything you will need should have been in that packet.

Jerry A. Lorenz
Russell Realtors
Cell: 440 724 4402
Check Out My Real Estate Blog: http://jerrysrealestateblog.blogspot.com/
Web Reference: http://www.lorenz-543.com
0 votes Thank Flag Link Tue Jan 19, 2010
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