Pacun Posted February 4, 2010 Report Share Posted February 4, 2010 Married couple purchased a home in 2009. They qualify for the credit. The house cost $70,000.00 (contract sales price) and with other charges (surveys, pest inspection, title insurance, attorney fees, appraisal fees, inspection fees, settlement fees and $3,000 mortgage insurance) the cost becomes $81,000. What amount should I use as the purchase price for this house? For a house that costs $160,000 (contract sales price), do you think the IRS would like you to include other costs or they will be happy with $160,000? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 4, 2010 Report Share Posted February 4, 2010 Match the purchase price on the HUD-1. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 4, 2010 Report Share Posted February 4, 2010 >>title insurance, attorney fees, appraisal fees, inspection fees, settlement fees and $3,000 mortgage insurance<< In my opinion, based on IRC Section 36, "The term 'purchase price' means the adjusted basis of the principal residence on the date such residence is purchased." Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.