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Video instructions and help with filling out and completing Florida hud 1
Hey its tax Cribs chime from taksim mamma.com today tax mama hears from Craig in the tax scripts forum who asks our items on a HUD one seller side lines 510 through 519 deductible by the seller as taxes paid on Schedule A or are they adjustments to the basis well Craig Rita Lewis an enrolled agent in Connecticut says the seller can deduct those real estate taxes up to but not including the date of the sale if they were assessments condo fees and so forth then they're not deductible investment property will have a different treatment for those lines tax moma adds that the homeowner can deduct the amounts on HUD one line 5 10 and 11 on schedule a rental property owners can deduct them on Schedule E line 5 12 assessments are not deductible those are fees not taxes you could capitalize those the other items they would probably not end up as deductions depending on what the costs are they might be capitalized or they might be ignored those lines might include penalties for late taxes and so forth those are neither capitalized nor deducted now is Rita explained property owners can deduct taxes paid as long as they own the property sometimes though a seller will pay a buyer share of the taxes those aren't deductions those would be basis adjustments or adjustments to the sales price since they aren't the homeowners taxes and remember you can find answers to all kinds of questions about the tax handling of HUD statements and other tax issues free where where else at Jack's mamma.com.