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Option fee and HUD1


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#1 Cappy

Cappy

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Posted 07 April 2017 - 09:01 AM

Hi all, 

 

First post!

 

I have a question on filling out the hud1 (when the option is exercised).

 

Where does the option/assignment fee (paid to me) go on the hud1? Since the full purchase price is on the HUD1 and the option fee is applied to the purchase price, it looks as though the seller will be paying income taxes on the option fee which he never received! 

 

Anyone care to share a HUD1?

Thanks



#2 MichaelC

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Posted 07 April 2017 - 09:40 PM

Hi, Cappy.  Welcome aboard!  The HUD-1 is no longer in use.  It has been obsolete since October, 2015, when the switch was made to a document called the Closing Disclosure that consolidates the HUD-1, Good Faith Estimate, and Truth in Lending Act disclosures.  You can find a copy here.






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