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I have been contacted twice recently from buyers agents that have clients that bought properties I had listed last year - the buyers accountants are requesting the sellers HUD-1 for tax purposes. I am at a loss as to why it is needed, (the only response I have gotten is "they just need it") not to mention the sellers don't seem interested in releasing. Anyone else running into this and know if it is truly necessary. They both were FHA buyers.
Why is the seller's HUD-1 different than what the buyers got? There is only one HUD-1 listing both seller and buyer costs. Each should have received a copy.
It would be needed to document items deductible on their tax return such as paying points. Also, if they are first time buyers, will be needed to submit for the credit.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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The buyers side of the HUD-1 has all the relevant information they would need. Any credit from the sellers would show up on the buyers HUD-1. They should be asking the escrow company and not the real estate company. If escrow says no, then that's all she wrote.
They are separated here as well - I am of the same feeling as your responses - having gotten 2 requests in such a short time frame I was concerned there was some new idiotic IRS requirement - Buyers had first asked title co and they deferred to me since I had sellers contact #'s. Thanks for your replies.
OK, maybe I've been missing something, but what's different between the two? Don't both have to disclose all buyer and seller closing costs/credits?
Yes but the seller's one has what their final payout was, and the buyer's has their payout owed. It makes no sense for a tax attorney to need to know what the seller got from the sale of their home.
Yes but the seller's one has what their final payout was, and the buyer's has their payout owed. It makes no sense for a tax attorney to need to know what the seller got from the sale of their home.
Thanks. Ours has "Cash (From) (To) Seller" and "Cash ( From) (To) Borrower" on the same form. Buyer and seller each sees what the other got or owed.
Thanks. Ours has "Cash (From) (To) Seller" and "Cash ( From) (To) Borrower" on the same form. Buyer and seller each sees what the other got or owed.
Same here--and we're in Washington. We thought it was strange that we could see exactly how much the owners "made" on the sale... not much.
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