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New Rental Property seems to be asking for an outdated form (HUD-1) for settlement agreement/closing document
I see that several of us are confused because we were not issued HUD-1, which is requested in the renter's section of TurboTax. This is for the section for rental income to new rental property.
Because HUD-1 has not been used since 2015 and TurboTax is following the structure of HUD-1, I notice several people on this forum since 2017 have been frustrated because our closing disclosure follows a different structure and uses different vocabulary than the requested fields. See images at the end.
It seems like the TurboTax software is outdated.
I notice, that where TurboTax requests information from box L on HUD-1, there are other clients on here where this corresponds to our section C from our closing disclosure.
I will include a screenshot of the TurboTax form as well as my own section C. I will do my best to guess which part from section C corresponds to the box in TurboTax.
Box 1 Abstract and recording fees includes includes C2
Box 2 Legal Fees, Title Search, doc prep includes C1
Box 3 Land Survey
Box 4 Title Insurance includes C5
Box 5 Transfer or stamp taxes includes C10
Box 6 Expenses/paid for seller
This means I am not sure where to list C3, C4, C6, C7, C8, and C9
Where should these go?
section c
As it appears in TurboTax:
TurboTax prompt using HUD-1