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URL:https://www.learndesk.us/class/6583659979079680/lesson/ac370a9bcaa6efd8fbb6019a273ee2d4?ref=outlook-calendar
SUMMARY:The Home Purchase
DTSTART;TZID=America/Los_Angeles:20260513T190000
DTEND;TZID=America/Los_Angeles:20260513T200000
LOCATION:https://www.learndesk.us/class/6583659979079680/lesson/ac370a9bcaa6efd8fbb6019a273ee2d4?ref=outlook-calendar
DESCRIPTION: 

Download  HUD Borrower.png

The image above shows the borrower's side of the HUD-1 settlement statement. When a taxpayer purchases a home, he usually gets a settlement statement of this type. A few of the items on the first page may be deductible for tax purposes. These include lines 106 and 107 and lines 210 and 211. These items represent taxes paid by the seller or unpaid by the seller. In one case, the home buyer will have to reimburse the seller for the portion of taxes he paid that extend past the closing date or the seller will be charged to catch up unpaid taxes to the closing date and the buyer may be charged for taxes extending past the closing date that is due.

The buyer may be able to deduct taxes that are paid at closing, but the tax preparer will have to check the details of form 1098 at year-end to see if the taxes at closing were picked up in 1098. If they were the taxpayer just deducts the amount shown on 1098. If they were not, the taxpayer can add the charges...

https://www.learndesk.us/class/6583659979079680/lesson/ac370a9bcaa6efd8fbb6019a273ee2d4?ref=outlook-calendar
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