The HUD-1 was used for years on very home sale. As of October 3, 2015, the Closing Disclosure form replaced the HUD-1 form for most real estate transactions. However, if you applied for a mortgage on or before October 3, 2015, you received a HUD-1.
For sales occurring after that date, you should look for the Closing Disclosure form.
Deductible Expenses:
- Mortgage Interest if not included in the Form 1098 total for the year. This may occur if the mortgage was sold to a different lender after a purchase. (Buyer)
- Prorated portion of real estate taxes (both buyer and seller will have their portions in the year of sale/purchase)
- Points, if applicable
All other closing costs such as Title fees, real estate commissions, document recording fees, and legal fees, will be added to the purchase price of the residence for the buyer.
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