50% of the Profit from a Rental Condo was dispersed to my ex-husband at closing and appears on the HUD form (He was NOT an owner) Where can I claim this amount on my Tax Return?
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Where and how does it appear on the HUD-1 form? What line number of applicable, and what version of HUD-1 form? There are over 15 versions of that form.
It appears on HUD 1, Form OMB Approval No. 2502-0265, Line 505 as Payoff of (Ex-husband's name and amount).
That payoff is treated like a 2nd mortgage payoff, and is already not included in the bottom line amount paid to you as shown on line 603 with the cash "to" seller box checked.
Liine 601 shows the gross amount due the seller. Line 602 shows the reductions in that gross amount due the seller, and it includes the total of the amounts on lines 500-519. So what you were paid does not include the percentage that went to your ex.
This Condo was 100% Rental, What figures should I use from the HUD1 for the following:
Asset Sales Price (Business Portion Only) ......?
Asset Sales Expenses (Business Portion Only ......?
Thank you.
What figures should I use from the HUD1 for the following:
Exactly the figures printed on the HUD-1.
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