A
aks_tn_6
Guest
What is the name of your state? TN
Thank you for taking my questions.
Part A -
During 2002, I sold a home and purchased a new one. Regarding sale of the old: I agreed to pay a portion of the buyer's closing costs. These have been reflected on the forms I received at closing, inclusive of $511 for one point, $53.40 in interest, and tax responsibility through the date before sale. Other than the documents provided at close, I have received no other 1098 forms, etc.
My questions:
1) may I deduct the $511 as a point I paid for the buyer?
2) may I deduct the reported interest?
3) how, if at all, may I claim credit, as the seller, for the taxes paid 1 Jan-date before sale reflected on the form?
4) And if permissible, how do I claim these on the itemized deduction form (Schedule A)?
Part B -
I have reviewed some tax guides as well that show a worksheet to determine percentages based on the dates of ownership of the property.
-Do I use the worksheet percentages or the actual figures I have from the closing forms?
Again, thank you kindly for taking my questions.
Thank you for taking my questions.
Part A -
During 2002, I sold a home and purchased a new one. Regarding sale of the old: I agreed to pay a portion of the buyer's closing costs. These have been reflected on the forms I received at closing, inclusive of $511 for one point, $53.40 in interest, and tax responsibility through the date before sale. Other than the documents provided at close, I have received no other 1098 forms, etc.
My questions:
1) may I deduct the $511 as a point I paid for the buyer?
2) may I deduct the reported interest?
3) how, if at all, may I claim credit, as the seller, for the taxes paid 1 Jan-date before sale reflected on the form?
4) And if permissible, how do I claim these on the itemized deduction form (Schedule A)?
Part B -
I have reviewed some tax guides as well that show a worksheet to determine percentages based on the dates of ownership of the property.
-Do I use the worksheet percentages or the actual figures I have from the closing forms?
Again, thank you kindly for taking my questions.