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.
Settlement Statement (HUD-1)
Whether it’s for a personal home, farm land, or a business building – real estate transactions require a Settlement Statement, often called a HUD-1. Refinancing your mortgage also requires a HUD-1. 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. You can view an example here (link to the attached document)
File or Copy
Keep this document in a safe place where you can easily access it at tax time. Don’t trust your organizational skills? Bring the HUD-1 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?
Please email or call us with your new address information, so that we can update our records.