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Trying to understand Hud Statement which is as under:- line…

Trying to understand Hud Statement...
Trying to understand Hud Statement which is as under:-
line 101-------sales price - $90000
line 103--------Settlement Charges $207784
line 106 -------- taxes $366.50
line 120---------gross amount due from borrower $298150line 2021 - principal amount of new loan $196612
line 2016 seller assist $35543
line 220 -- total paid by borrower $232155
line 301 - gross amount due from borrower $298150
line 302 - gross amount paid by borrower $2981503
line 303 - cash $65995How we would determine the property value and construct a balance sheet???
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Answered in 1 hour by:
3/7/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,220
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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Are there a few digits missing from Line 101?

Are you looking for a balance sheet? Or a journal entry to record the purchase?

If you can upload a copy of the HUD-1 I will prepare one for you. It would be easier than trying to type in this unformatted section.

Thanks!

Roger

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Customer reply replied 5 months ago
Here it is
Customer reply replied 5 months ago
Can I have some discounted phone call rate???

I got your statement. I am about to head into a meeting. Can I get this back to you later? It looks like you purchased a place for rehab?

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I do not set the rates for phone calls. I believe that you do. I can offer an email exchange, where I get your information and I can call you.

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Customer reply replied 5 months ago
That will work
Customer reply replied 5 months ago
waiting

Sorry. I did not get home from the office until almost midnight. I am working on it today.

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Here you go!

Let me know if you have any questions.

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Customer reply replied 5 months ago
Nothing attached.
Do not see anything.

Let me try it again.

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Customer reply replied 5 months ago
How about the depreciation.
what is a good time to call you??/
I should be available after 12. If you request a phone call about that time, I will accept it.
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in depreciation cannot start until the building is placed in service. So if you have your repair reserved and are going to spend $164,000 on Renovations, you can't start depreciating it until the renovations are done.
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,220
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified
taxmanrog and 87 other Tax Specialists are ready to help you
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Customer reply replied 5 months ago
Further to earlier discussion - can we do a sch L please.
Phone call session started
Customer reply replied 5 months ago
HI
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