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I started to review my papers for taxes. We closed on our home in NY, March 20, 2013 and we were the sellers. I am trying to tie into the settlement statement numbers for taxes. I admit I am not experienced in this at all, I can do basic math, and the number of days we were owners (78) multiplied by the per day costs should be close, no?
The Facts
School Taxes $5080.74 for 12/13 school year or $2553.14 half Daily rate $13.92
Paid Nov 12
General taxes $3131.91 for 2013 or $$1565.96 half Daily rate $8.58
Paid Feb 13
The Settlement Statement says:
AMOUNTS PAID BY OR IN BEHALF OF BORROWER
Adjustments for items unpaid by seller $1092 on the General Tax line
REDUCTIONS TO AMOUNT DUE TO SELLER
Adjustments for itemspaid by seller in advance $ 892 on the School Tax
Did the attorney reverse the school and General Taxes? or is this correct? If, it is incorrect, do I report the amount I actually paid and subtract the numbers per the settlement sheet or do I simply calculate the 78 days per diem and report that? Hope this makes sense because I am lost and seeing as we are filing in NY and DE I want to do it correctly. Since we both signed it, I assume if it is incorrect, it is just tough luck. I am hoping I am wrong as at least two attorneys looked this over but.....
Last edited by nuts2uiam; 01-13-2014 at 02:13 PM..
I accepted that with two salaries,three homes (one with mortgage and one rental) we use a reputable CPA. $500 yr is worth the investment. The way the blood thirsty IRS is now it's not worth the risk making a simple mistake.
I accepted that with two salaries,three homes (one with mortgage and one rental) we use a reputable CPA. $500 yr is worth the investment. The way the blood thirsty IRS is now it's not worth the risk making a simple mistake.
Obviously that would always be an option as would an accountant who is not a CPA. I have always prepared my own returns and will attempt to prepare it again this year, provided I can get my question resolved either on CD or elsewhere.
First I would call the attorney who prepared the HUD statement and ask him/her to explain the numbers. Take it from there.
All I'll say as a former resident of NY is that it's probably better to just deal with it the way it is if there was an error and call it a day and sayonara rather than trying to take on NY's department of taxation - we've been gone over 3 years and are still dealing with them on a business that we transferred here. They just don't wanna let you go. They come up with a new dissolution fee every time we turn around. My husband says it's like the mafia - once you're in, you can't get out. The easier you can cut your ties to NY - at least financially - the happier you will be be.
Twingles, if I could have I would have contacted the attorney but we were not happy with how we were represented by him and while he was indeed paid, we will not call him.
The good news. I have the answer.
FYI. School year 12/13 For the school taxes the payment due Oct 1 is for the July 1 - 12/31/12 payment. The next payment is for the 1/13 - 6/30/13. So in effect, I had paid none of the school taxes for 2013. It is correct.
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