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I’m not a tax expert.
Did you receive a 1099 from the builder for any seller concessions? If so, you probably DO need to claim these “concessions” as income.
On your settlement statement at closing, are these concessions shown to be paid by the buyer or seller?
In case of an audit, you probably can’t prove YOU paid the up-front PMI premium. It all depends on how the HUD-1 is worded.
or you could be smart and talk to an accountant.
SDR’s recommendation of talking to an accountant is best.
You may be able to consider the 17K a reduction in the basis of the property so you won’t really feel the impact of it at all if it is a primary residence.
So, if you bought the home for $500K, then you really claim the cost was $483K. If you sell it for $500K and it is subject to capital gain tax, then you would pay tax on the 17K when you sell it.
Again – I’m not sure you can do this. An accountant would know. Or, maybe FLU. I hear he is really good at taxes.