- What values are making people invest so much in high funeral costs? Who profits from this in our society? (1)
- Should the Rich get the tax cuts after they invest the windfall profits they drain from the American Consumer? (5)
- can i gift profits from an invest property to avoid income tax on that profit? (9)
- Whats the best way to invest your money if your looking for very good profits from your investments? (5)
- Can I use the profits from the sale of investments required to repay a mortgage loan to avoid capital gains? (3)
- When you invest in gold and silver how do you make a profit from it I dont understand? (5)
- Can you withdraw money from 401K plans, to invest in business properties? (4)
- What would be the best way to invest money and come out with pretty decent profits? (3)
- three sisters decide to invest together. they agree to share profits in the same ratio as their contributions.? (1)
- Should I invest in the oil companies, so I can get me a share of those record breaking profits? (6)
- How much of thier Profits does BP(Beyond Petroleum) actually invest in Alternative Energy? (1)
- Do you invest as a full time job and live off your profits, or do you have a second job? (4)
- Can someone tell me where to invest my $0.10 EvoWallet balance and earn some profits within a week? (1)
- if i invest in real estate in china, how easily can i repatriate my profits? (2)
- How much money do you need to invest in stocks in order to make good profits? (7)
- What are some great ETF’s to invest in for 3 to 10 years that will generate profits? (3)
- Triple H Land & Cattle Company sold three hundred acres of land and decided to invest a portion of the profits (1)
- Should I invest in Jeff Adams Foreclosure Profits System? (3)
- Do I have to pay tax on my gain from the sale of my condo.The profit earned was re invested in the next home? (3)
- How can an average guy like me with $420 extra monthly learn to invest money from home and make a profit? (5)
Tagged as: Closing, copy, From, Invest, Profits, provide, Realestate, Sale, statement
{ 2 comments }
Your original closing statement provides a base line to determine your profits that may be rolled into a 1031 exchange.
If you purchased $100,000 home with $3,000 in closing costs, and that home is sold for $150,000 you have $47,000 in profits that may be taxed or reinvested.
The closing statement is the primary record of that closing cost.
Per the patriot act and government financing, all funds to be used for down payment or assets to be verified must be seasoned and sourced.
This means that you must show where they came from (source sale of property by usually showing the HUD closing statement) and shown that you have had them for 2 months(seasoned).
In the case of a real estate sale, since you will have a large check/deposit(above $1000) from your closing it will have to be sourced. It will pass the seasoning requirement via the closing statement.
These are government guidelines that must be complied with for mortgages. They want verification of where your assets are coming from to verify that you are not a terrorist or a drug dealer.
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