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Functions as an account to pay taxes and insurance. The homeowner pays into the account that is held by the lender.
Estimated Taxes Paid
Taxes paid on amounts reported on the taxpayer’s tax return that are not subject to withholding, such as self-employment, interest, and alimony. Estimated tax may also have to be paid if the amount of income tax withheld from the taxpayer’s salary, pension, or other income is insufficient.
Fair Market Value (FMV)
Normal selling price of a home in the open market that is agreed upon by the buyer and seller. A realtor can prepare a comparative market analysis of similar properties that are currently on the market, or have sold recently in the area to determine a fair market value.
Process in which property is seized from a homeowner who is unable to make mortgage payments.
Form completed and submitted to the IRS by a taxpayer that wishes to apply for an offer in compromise.
Document that may need be filed and submitted to the IRS if the taxpayer is a nonresident alien engaged in trade or business in U.S., representing a deceased person who would have needed to file this form, or representing an estate or trust that had to file this form.
Form that must be completed by a taxpayer and submitted to the IRS in order to make changes to a submitted tax return.
Document received by a taxpayer from a lending bank that is reporting mortgage interest of $600 or more that the taxpayer paid during the year.
Document received by a taxpayer that is issued from a broker, mutual fund company or other financial institution that reports the sale of stocks, mutual funds, bonds, and other securities.
Document that contains important taxpayer information concerning dividends paid from stocks owned, or capital gains distributions from mutual funds invested in during the year.
Document sent to a taxpayer by federal, state, or local governments stating the amount of total taxable unemployment compensation for which the taxpayer is responsible. It may also be used to report state and local income tax refunds and other payments.
Document received by a taxpayer that reports interest paid and is sent by the person or entity to which the interest was paid.
Document that must be filed and submitted to the IRS for each person to whom a taxpayer has paid at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, and crop insurance proceeds.
Document outlining distributions of $10 or more from a taxpayer’s retirement account(s), such as Individual Retirement Accounts (IRAs), insurance contracts, pensions, and 401(k) plans.
Form HUD-1 Settlement Statement
The official statement of the U.S. Department of Housing and Urban Development that details all closing costs paid by the buyer and seller. This is completed by the settlement agent and both the buyer and seller must sign it at closing.
Form that is completed and submitted to the Social Security Administration to apply for a new or replacement Social Security card, or to change or correct information on the Social Security number record.
Form SSA-1099 (or RRB-1099)
Document that reports any Social Security benefits that a taxpayer has received during the year.