Is Tax Calculation Too Taxing? We Have The Answer
Nothing is certain but death and taxes. We can probably avoid one of those during real estate transactions, but we still have to deal with property transfer taxes. Even the best legal software can’t actually eliminate taxes, but at least we can make them a little more convenient to calculate on the HUD-1 form.
EasyHUD allows the user to select a default jurisdiction under “Tools > Default Settings”. We include most jurisdictions throughout the country, but if you happen to live in one not listed please contact us and we will add it to the software as soon as possible. After choosing a default jurisdiction, all new HUD forms generated will automatically use that jurisdiction.
But what if this particular sale doesn’t follow standard tax rates? Maybe it is in a city that has special transfer taxes or some strange exception to regular state rules. You can fix that by clicking on the HUD Page 2 tab and scrolling down to section 1200, “Government Recording And Transfer Charges”. Click the yellow button marked “Tax Tables” to pull up a dialog that allows you to enter additional tax information. When you are done click “OK” and the HUD 1 will automatically be updated.
Maybe you do most of your business in one area but occasionally make sales in a region with different tax rates. All you have to do is pick the new region from the dropdown menu next to the “Tax Tables” button. The software will use the new jurisdiction for that HUD-1 form only. You can even handle real estate transactions in multiple states with this one easy-to-use real estate application.
Once the correct jurisdiction has been selected, the correct tax values are automatically calculated and entered in the HUD forms. You no longer have to do tedious manual tax table searches, or try to calculate them manually using arcane government tax formulas.
Download a demo of EasyHUD or buy it and use it risk-free for 30 days. We think you’ll be pleasantly surprised at just how easy HUD 1 tax calculations are once you are using the best legal software you can find.