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Re: HUD-1 and filing taxes

If your standard deduction is $12,200, and your itemized deductions are $12,500, you only received a $300 deduction benefit from the itemized deductions. Therefore, if you receive a $500 refund of an itemized deduction, you only report $300 as income, since a $300 and $500 reduction in your itemize...
by MattInCali
Tue Mar 04, 2014 8:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: HUD-1 and filing taxes
Replies: 16
Views: 1289

Re: HUD-1 and filing taxes

Can you elaborate on this: Note that the amount by which your itemized deductions exceeded the standard deduction comes into play. Paying taxes on income you don't have to pay taxes on isn't something that I like to do. So does that mean I may not have to include the total amount of the refund in my...
by MattInCali
Tue Mar 04, 2014 3:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: HUD-1 and filing taxes
Replies: 16
Views: 1289

Re: HUD-1 and filing taxes

I called the IRS, whose representative was admittedly not reassuring in her knowledge about my question. She told me I did indeed have to file an amended return for 2012. What an absolute pain. I wish it was as simple as deducting the amount on line 407 from the taxes I paid in 2013. I guess not...
by MattInCali
Sat Mar 01, 2014 1:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: HUD-1 and filing taxes
Replies: 16
Views: 1289

Re: HUD-1 and filing taxes

This is a recovery from taxes paid in 2012. Does this mean I have to file an amended return for 2012?

Thanks for all your answers.

Also, if anyone knows of a good CPA in Santa Clarita or Los Angeles, I would appreciate a recommendation.
by MattInCali
Fri Feb 28, 2014 9:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: HUD-1 and filing taxes
Replies: 16
Views: 1289

Re: HUD-1 and filing taxes

Thank you very much for the responses. So on this year's taxes I have so far deducted the real estate taxes I paid in 2013 on the home I purchased (these are the taxes that were paid by escrow along with a supplemental bill that I paid myself). Am I understanding correctly that I should subtract $64...
by MattInCali
Fri Feb 28, 2014 4:13 am
 
Forum: Personal Finance (Not Investing)
Topic: HUD-1 and filing taxes
Replies: 16
Views: 1289

Re: Request Recommendation: San Diego Tax accountant

Good question. If I may be so bold as to piggyback on this question, if anyone knows of such a person in Los Angeles or Santa Clarita, I'd be appreciative.
by MattInCali
Thu Feb 27, 2014 10:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Request Recommendation: San Diego Tax accountant
Replies: 3
Views: 117

HUD-1 and filing taxes

I sold and purchased a home this year and am a little confused about what is deductible from the HUD-1. I found the following info online: TAXES: Lines 106 and 107 on the Settlement Statement are taxes deductible by the buyer. Lines 510 and 511 are taxes deductible by the seller. Lines 210 and 211 a...
by MattInCali
Thu Feb 27, 2014 10:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: HUD-1 and filing taxes
Replies: 16
Views: 1289

Tipping House Cleaning Service

Looking for suggestions on how much tip for house cleaning/window cleaning. It's a 1420 sq. ft. two-story home. Hardwood floors on top and laminate on bottom. It's empy; no refrigerator or oven cleaning. They are not cleaning garage. They are supposedly very good and will be staying for about 5 hour...
by MattInCali
Sat Aug 10, 2013 4:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tipping House Cleaning Service
Replies: 13
Views: 1405

Re: Home Purchase Advice

Good point. Right, I don't think he would have countered my request if he had a no-contingency or all-cash offer. Clearly if he does have backup offers he still has to consider the fact that they are likely to ask for requests and he has to disclose my inspection report. My agent is not very aggress...
by MattInCali
Tue Jul 30, 2013 1:14 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Is the seller's agent permitted to lie about backup offers (i.e., tell me there are 2 when in fact there are none)?
by MattInCali
Tue Jul 30, 2013 12:18 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Well, he countered with $1,000. Having said that, he gave many explanations that were reassuring. It really does seem like most of the water issues have to do with overwatering. I also learned there are two counteroffers at full price, which gives me less leverage. I've gone back and asked for anoth...
by MattInCali
Tue Jul 30, 2013 12:16 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

It figures: Seller's agent says they have two backup offers at full price, so seller is unlikely to agree to many credits, if any at all. I'll hear back today. Of course, I'd think the seller might have some worries of his own. He will now have to disclose my inspection report, right? Also, my loan ...
by MattInCali
Mon Jul 29, 2013 5:21 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

$10,000 it is! I will update everyone on what happens. Thanks so much.
by MattInCali
Sat Jul 27, 2013 4:45 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Thanks, Stan. You seem very knowledgable about real estate, so I'm going to attempt to get away with one more question. This home sold for 420,000 in 2004 and I am purchasing it for 452,500. As I mentioned earlier, it is in a very nice area in Santa Clarita with excellent schools. It's 3 bedroom, 2....
by MattInCali
Sat Jul 27, 2013 2:54 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Stan, do you know if I would be liable if there is already damage to the neighbor's structure from the watering of the planters?
by MattInCali
Sat Jul 27, 2013 1:35 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Thanks again to all who responded. My agent is suggesting that I ask for a $3500 credit. I'm inclined to ask for closer to $10,000, per "curmedugeon's" recommendation. I'd love to get some other opinions on how much to ask for.
by MattInCali
Sat Jul 27, 2013 4:10 am
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Gotcha. That clarifies a lot for me -- thanks. Do you think it would be valuable to hire a contractor with knowledge in drainage issues to more accurately diagnose the problems below? I don't know if that will be a waste of money. "The buyer should be aware that the soil in his/her yard is high...
by MattInCali
Thu Jul 25, 2013 11:51 am
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

10 k is what I was thinking -- I may try that. You write that the seller might put it back on the market, but he can't rescind the sale in response to my repair/credit request, can he? He can either say no or come back with a lower amount. If I have that correct, what is the risk of high-balling the...
by MattInCali
Thu Jul 25, 2013 2:05 am
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

It is in Santa Clarita.
by MattInCali
Thu Jul 25, 2013 12:53 am
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Well, that cheers me up a bit, Curmudgeon. Yes, this is in California. Would you not be concerned about the possible damage to the neighbor's house due to the planters on the zero plot line? This is not a flipped house, but it is a tenant-occupied home. I do not have much knowledge about home constr...
by MattInCali
Thu Jul 25, 2013 12:37 am
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Depressing, but guess I'll have to move on. It'd be a shame if these issues are really nothing, but I can't take that risk. Thanks.
by MattInCali
Wed Jul 24, 2013 9:12 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Re: Home Purchase Advice

Thanks for the reply. The home is actually not too old -- built in 1999. In fact, one of the main reasons we bought is because we did not anticipate having to do much work. Our agent is not very helpful on the advice front either. You're right that the water issues are the most concerning. There's t...
by MattInCali
Wed Jul 24, 2013 7:05 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Home Purchase Advice

I am buying my first home and just received the inspection report. The following items were listed as the most serious by the inspector. I have no idea how worried to be about some of them. My primary concerns are obviously liability and major repairs. The purchase price of the home is $452,500. Any...
by MattInCali
Wed Jul 24, 2013 6:06 pm
 
Forum: Personal Consumer Issues
Topic: Home Purchase Advice
Replies: 37
Views: 2419

Amerisave

I'm thinking of getting pre-approval for a home loan from Amerisave. Does anyone have any experience using them? Should I go for a more established bank/lender? Any advice would be greatly appreciated.

Thanks.
by MattInCali
Fri May 03, 2013 3:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Amerisave
Replies: 4
Views: 498

Re: Escrow Costs -- Reasonable?

This was the answer I got on the sub-escrow fee: The title company charges a “sub-escrow fee” whenever they are required to “escrow” funds which means to receive funds from one party and pay off another party from those funds, which in this situation they will receive a wire of the “buyer’s “ funds ...
by MattInCali
Thu Apr 25, 2013 1:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Escrow Costs -- Reasonable?
Replies: 11
Views: 719

Re: Escrow Costs -- Reasonable?

Thanks for the responses. Yes, I bet the notary and other junk fees are baked into that $858. I'm basically just wondering if I should make a fuss and try to get some of these fees knocked off. I'm usually of the opinion that you're getting ripped off if you pay full price for anything. In addition ...
by MattInCali
Thu Apr 25, 2013 1:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Escrow Costs -- Reasonable?
Replies: 11
Views: 719

Escrow Costs -- Reasonable?

I am currently in escrow on the sale of my condo for $330,000. I received an estimated sales statement from the escrow company listing the following escrow fees: ESCROW FEES Escrow Fee: $858 Deeds: $75 Demands: $150 Archival fee: $39.50 Messenger fee: $25 I have no idea if these are reasonable. Does...
by MattInCali
Wed Apr 24, 2013 2:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Escrow Costs -- Reasonable?
Replies: 11
Views: 719

Re: Use a Mortgage Broker?

Thank you. I found this online, which made me wonder: Won't I save money by going directly to the lender? Probably not . In fact, if you are a reasonably astute shopper, you will probably do better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the lending process, becau...
by MattInCali
Fri Feb 22, 2013 10:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Use a Mortgage Broker?
Replies: 8
Views: 507

Re: Use a Mortgage Broker?

This would be conforming. Thanks.
by MattInCali
Fri Feb 22, 2013 8:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Use a Mortgage Broker?
Replies: 8
Views: 507

Use a Mortgage Broker?

I'm looking to get pre-approved to buy a home. I've been emailing with a mortgage broker who makes life easy for me ... but is it always more expensive to go through a broker than to work directly with a bank? The broker says his only fee is a processing fee of $795.00. Is that too much? Any advice ...
by MattInCali
Fri Feb 22, 2013 7:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Use a Mortgage Broker?
Replies: 8
Views: 507

Are Seller's Fees Negotiable?

. I'm considering selling my condo for about 15k below listing price just because I have only received one offer after 13 days and I fear that some of the weaknesses in the property (tandem parking, 500 sq ft.) are big enough to limit the pool of interested buyers. So basically I want to sell it and...
by MattInCali
Thu Feb 21, 2013 3:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Are Seller's Fees Negotiable?
Replies: 9
Views: 582

Re: Should I sell my condo or rent it out?

Hobnob, I am real -- yes. I am concerned about the midnight call from a tenant that the water heater is broken while I'm dealing with crying toddlers an hour away. I'm also not excited about losing capital gains advantage after renting it out for two years. Do you think my concerns are unjustified? ...
by MattInCali
Wed Jan 02, 2013 5:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Re: Should I sell my condo or rent it out?

Ok, I'm convinced! I will definitely sell the condo. I'm so glad I decided to post on Bogleheads, as I was set on renting it out. Thanks to all of you. Now for my last question. Should I just choose the most experienced real estate agent who gives me the most confidence they can sell condo at high p...
by MattInCali
Mon Dec 31, 2012 2:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Re: Should I sell my condo or rent it out?

Thanks, Harry. The 1bedroom condo I own and would be renting out is in Los Angeles (Brentwood, to be exact). We are now renting in Valencia, which is where I'm considering buying a single-family home even though we are happy with the complex we are renting at. I just don't like the fact that I'm spe...
by MattInCali
Mon Dec 31, 2012 3:20 am
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Re: Should I sell my condo or rent it out?

I should add that if the condo were paid off, monthly expenses before repairs would be about $600 (HOA, taxes, insurance). So renting it out at $1500 a month would mean a profit of about $900 a month.
by MattInCali
Mon Dec 31, 2012 3:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Re: Should I sell my condo or rent it out?

Thanks again for these most excellent replies. Selling sure does seem to make the most sense, yet there are a few things that are still giving me pause. 1. The area where we are renting now is high-risk for natural disasters (earthquake, fires). I'm sure earthquake and fire insurance will be quite e...
by MattInCali
Mon Dec 31, 2012 3:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Re: Should I sell my condo or rent it out?

Thanks to all of you for the excellent advice. I am definitely leaning toward selling right now. However, would any of you change your advice if I were not planning on buying another house at this time? In other words, would getting rid of the condo be more of a lost opportunity if I wasn't putting ...
by MattInCali
Sun Dec 30, 2012 2:12 am
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Should I sell my condo or rent it out?

I'll be quick and to the point: We purchased the 1 bedroom/1 bathroom condo in 2003 for $250,000 in a highly desirable area of Los Angeles (finding tenants will not be a problem). I currently owe $165,000 on a 5/1 ARM (3.125% for 2013; resets every January; 20 years remaining). Monthly costs for con...
by MattInCali
Sat Dec 29, 2012 5:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should I sell my condo or rent it out?
Replies: 36
Views: 3722

Re: 401k

Thanks for the response. I think the rest of my options aren't too great. I'm seeking about 80/20 stocks bonds (about what is in the 2030 fund). Here are the not-so-great choices: Moderately Conservative: Fees (Investment Management, Underlying Fund) PIMCO Total Return: O.25,0.71 LVIP Delaware Bond:...
by MattInCali
Thu Dec 20, 2012 2:15 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k
Replies: 3
Views: 367

401k

My company just changed 401 k plans. Any advice on the following Target Date Fund would be greatly appreciated. Are the fees too high? LVIP Protected Profile 2030 (SAL3) – The LVIP Protected Profile 2030 is designed for investors with a birth year between 1958 and 1967. The Fund seeks the highest to...
by MattInCali
Thu Dec 20, 2012 1:58 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k
Replies: 3
Views: 367

Re: 401k Help

Debt: 165,000 on house at 3.0% (5/1 ARM)

No other debt.
by MattInCali
Thu Jul 05, 2012 11:00 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k Help
Replies: 5
Views: 466

Re: 401k Help

Thanks for the reply. I am 35, married, with one child and another on the way. 25% bracket. Emergency savings: 100,000 in ING account at .9% My Roth IRA: 50,000 (100% in Vanguard Target Date 2040) Her Rotha IRA: 35,000 (100% in Vanguard Target Date 2040) My Rollover 401k: 40,000 (100& in Vanguar...
by MattInCali
Thu Jul 05, 2012 10:54 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k Help
Replies: 5
Views: 466

401k Help

Longtime lurker, first-time poster here. I'm seeking some advice on my 401k allocation. I'm aiming for 85-90% in equities and 10-15% in bonds. How would bogleheads choose among the following options, if this 401K were your only investment vehicle? I'm agnostic on how much foreign stock to hold. Is J...
by MattInCali
Wed Jul 04, 2012 10:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401k Help
Replies: 5
Views: 466

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