Homebuyer Tax Credit: Settlement Statement Requirement

admin — Tue, 09 Feb 2010 19:50:42 +0000

We have received numerous phone calls and e-mail requests asking for a HUD-1 Settlement Statement signed by the buyers and sellers.

In Washington State, signatures on the Final HUD-1 Settlement Statement are not required and is not common practice. The IRS guideline states:

If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes:

Names and signatures of all parties involved,

Property address,

Purchase price, and

Date of purchase.

The Final HUD-1 Settlement Statement was mailed to the buyer and seller at closing. “Final HUD-1″ appears on the bottom left side of page 2 of the settlement statement, directly under the 1400 section.

See below for a screenshot: (click image to enlarge)

Interest rate location on the Settlement Statement

admin — Tue, 14 Jul 2009 00:20:15 +0000

Below is a screenshot of where the interest rate is located on the Settlement Statement (HUD-1 Form). It can easily be missed and many people are unaware that it is on this form.

Legacy Escrow » Settlement Statements

Homebuyer Tax Credit: Settlement Statement Requirement

Interest rate location on the Settlement Statement