We see many complicated tax transactions every year. One group of transactions that are particularly complex are property transactions. The buying and selling of land, buildings, and all other real estate has several tax implications for both the buyer and seller.
Closing Disclosure
Whether it’s for a personal home, farm land, or a business building – real estate transactions require a settlement statement, often called a Closing Disclosure. Refinancing your mortgage also requires a Closing Disclosure.
This document is important. It shares a lot of information your tax preparer will likely need in order to find proper tax deductions and file an accurate return. We’ll share an example of this document on our website next week.
Please Note: Some property transactions are documented on an American Land Title Association (ALTA) statement or similar settlement statement.
File or Copy
Keep this document in a safe place where you can easily access it at tax time. Don’t trust your organization skills? Bring the disclosure to our office or mail us a copy. We would be glad to store it for you until tax season arrives.
Have You Moved Since Tax Season?
Reply to this email with your new address so we may update our records.
If you have questions, please let us know.