What taxes and fees can I deduct from a New Home Settlement Statement?
Q. I purchased a new home in 2007. I need to know what taxes and fees I can deduct from the Settlement Statement?
Asked by Melissa Y - Sun Feb 10 10:10:16 2008 - - 1 Answers - 0 Comments
A. Points paid on your loan are deductible BUT they'll usually be shown on the Form 1098 from the mortgage company. If they are, don't "double dip." Property taxes credited to the SELLER are considered paid by you in the year of closing and are deductible. Prepaids such as property taxes and homeowners insurance have no tax consequences. Ignore them. On a VA loan, the VA funding fee is deductible as MIP in the year of closing even though it covers a term longer than the year. Other prepaid MIP must be protated over the term of the loan. Any other closing costs are added to your cost basis and will reduce your gain when you sell, so hang onto that HUD-1 closing statment as long as you own the home.
Answered by Bostonian In MO - Sun Feb 10 10:23:07 2008
Q. I purchased a new home in 2007. I need to know what taxes and fees I can deduct from the Settlement Statement?
Asked by Melissa Y - Sun Feb 10 10:10:16 2008 - - 1 Answers - 0 Comments
A. Points paid on your loan are deductible BUT they'll usually be shown on the Form 1098 from the mortgage company. If they are, don't "double dip." Property taxes credited to the SELLER are considered paid by you in the year of closing and are deductible. Prepaids such as property taxes and homeowners insurance have no tax consequences. Ignore them. On a VA loan, the VA funding fee is deductible as MIP in the year of closing even though it covers a term longer than the year. Other prepaid MIP must be protated over the term of the loan. Any other closing costs are added to your cost basis and will reduce your gain when you sell, so hang onto that HUD-1 closing statment as long as you own the home.
Answered by Bostonian In MO - Sun Feb 10 10:23:07 2008
Can I send Addendum to HUD-1 Settlement Statement with Homebuyers tax credit 5405 form?
Q. I purchased a newly constructed home & the only forms I have are Addendum to HUD-1 Settlement Statement that has my name and address but no purchase price. I also have a certification of occupany but none of the forms have the purchase price. What form(s) would suffice to mail to IRS along with 5405 form.
Asked by Shantel D - Sun Jan 31 11:59:10 2010 - - 2 Answers - 0 Comments
A. The forms you suggested plus the sales or other contract that shows the price is required. The IRS must be able to verify the name and address, date of purchase and price before they grant the credit. These forms must be in final form not estimates.
Answered by Mathew - Sun Jan 31 12:05:14 2010
Q. I purchased a newly constructed home & the only forms I have are Addendum to HUD-1 Settlement Statement that has my name and address but no purchase price. I also have a certification of occupany but none of the forms have the purchase price. What form(s) would suffice to mail to IRS along with 5405 form.
Asked by Shantel D - Sun Jan 31 11:59:10 2010 - - 2 Answers - 0 Comments
A. The forms you suggested plus the sales or other contract that shows the price is required. The IRS must be able to verify the name and address, date of purchase and price before they grant the credit. These forms must be in final form not estimates.
Answered by Mathew - Sun Jan 31 12:05:14 2010
On tax form 5405, what is the purchase price? What is the line item on the settlement statement?
Q. thanks for the instructions, but it's not clear on what specific line in the settlement statement.
Asked by Krispy - Wed Feb 10 17:22:11 2010 - - 4 Answers - 0 Comments
A. on my settlement statement it's line 401
Answered by mom_a_Joy - Thu Feb 11 19:38:10 2010
Q. thanks for the instructions, but it's not clear on what specific line in the settlement statement.
Asked by Krispy - Wed Feb 10 17:22:11 2010 - - 4 Answers - 0 Comments
A. on my settlement statement it's line 401
Answered by mom_a_Joy - Thu Feb 11 19:38:10 2010
Can I use anything on my HUD-1 Settlement Statement as a tax deduction?
Q. I bought the home in April 2006.
Asked by KarenB - Sun Mar 11 08:07:54 2007 - - 2 Answers - 2 Comments
A. Points for the mortgage. They should be on the 1098 your received from the lender, though, so don't add them if they were. Property taxes credited to the seller are considered as paid by you and should be added to any other property taxes you paid in the year of closing. Property taxes credited to you are considered paid by the seller and should be subtracted from any property taxes you pay in the year of closing. Prepaids (other than mortgage interest, which will show up on the 1098) have no tax consequences, they are just deposits towards future bills. All other closing costs on your side of the HUD-1 can be added to your basis for the home. This will reduce your gain on sale when you eventually do sell.
Answered by Bostonian In MO - Sun Mar 11 08:18:30 2007
Q. I bought the home in April 2006.
Asked by KarenB - Sun Mar 11 08:07:54 2007 - - 2 Answers - 2 Comments
A. Points for the mortgage. They should be on the 1098 your received from the lender, though, so don't add them if they were. Property taxes credited to the seller are considered as paid by you and should be added to any other property taxes you paid in the year of closing. Property taxes credited to you are considered paid by the seller and should be subtracted from any property taxes you pay in the year of closing. Prepaids (other than mortgage interest, which will show up on the 1098) have no tax consequences, they are just deposits towards future bills. All other closing costs on your side of the HUD-1 can be added to your basis for the home. This will reduce your gain on sale when you eventually do sell.
Answered by Bostonian In MO - Sun Mar 11 08:18:30 2007
County tax proration and county property tax reserve on buyer settlement statement, are these tax deductible?
Q. Thank you all for taking time to answer my question.
Asked by sagi2tarius - Tue Jan 29 10:46:01 2008 - - 1 Answers - 0 Comments
A. The proration is for sure, in addition to any other property taxes that you may have paid. The reserve is another matter. While not familiar with that terminology, I'd guess that it is a prorated payment into an escrow account that you will add to each month with your monthly payments. If this is the case, you could make a case for deducting it in the year of closing as that is the year you 'paid' it. You'd need to subtract it from the amount the escrow agent pays for you next year though before reporting the property tax deduction.
Answered by botygy - Tue Jan 29 10:53:13 2008
Q. Thank you all for taking time to answer my question.
Asked by sagi2tarius - Tue Jan 29 10:46:01 2008 - - 1 Answers - 0 Comments
A. The proration is for sure, in addition to any other property taxes that you may have paid. The reserve is another matter. While not familiar with that terminology, I'd guess that it is a prorated payment into an escrow account that you will add to each month with your monthly payments. If this is the case, you could make a case for deducting it in the year of closing as that is the year you 'paid' it. You'd need to subtract it from the amount the escrow agent pays for you next year though before reporting the property tax deduction.
Answered by botygy - Tue Jan 29 10:53:13 2008
On form 5405, what is the purchase price? What is the line item on the settlement statement?
Q. On form 5405, what is the purchase price? What is the line item on the settlement statement?
Asked by Krispy - Tue Feb 9 10:53:21 2010 - - 1 Answers - 0 Comments
Q. On form 5405, what is the purchase price? What is the line item on the settlement statement?
Asked by Krispy - Tue Feb 9 10:53:21 2010 - - 1 Answers - 0 Comments
What does line 303 in the HUD 1 settlement statement indicate?
Q. What does line 303 in the HUD 1 settlement statement indicate?
Asked by lawrencepttrsn - Sat Aug 18 10:19:06 2007 - - 5 Answers - 0 Comments
A. all lines should indacate what the fee is for 303 is net amount due to or from borrower if the number is a negitive borrower gets moeny bakck if this is not a negitive number you pay it mortgage banker
Answered by beachlover - Sat Aug 18 10:28:11 2007
Q. What does line 303 in the HUD 1 settlement statement indicate?
Asked by lawrencepttrsn - Sat Aug 18 10:19:06 2007 - - 5 Answers - 0 Comments
A. all lines should indacate what the fee is for 303 is net amount due to or from borrower if the number is a negitive borrower gets moeny bakck if this is not a negitive number you pay it mortgage banker
Answered by beachlover - Sat Aug 18 10:28:11 2007
HUD-1 is required when claiming the First Time Homebuyer... is the Settlement Statement the same?
Q. Because in my document is doesn't say HUD-1 nowhere... it just says : - Name of the Title Company - "Buyer's/Borrower's Settlement Statement" and then the info and numbers according to the transaction. Is this same document asking for the IRS in order to claim the credit? Thanks
Asked by Ariel - Fri Feb 19 15:25:26 2010 - - 4 Answers - 0 Comments
A. stay far far away from this homebuyer scam i'm telling you people you will be way better off NOT taking this scam.
Answered by Zyberian W - Fri Feb 19 17:28:34 2010
Q. Because in my document is doesn't say HUD-1 nowhere... it just says : - Name of the Title Company - "Buyer's/Borrower's Settlement Statement" and then the info and numbers according to the transaction. Is this same document asking for the IRS in order to claim the credit? Thanks
Asked by Ariel - Fri Feb 19 15:25:26 2010 - - 4 Answers - 0 Comments
A. stay far far away from this homebuyer scam i'm telling you people you will be way better off NOT taking this scam.
Answered by Zyberian W - Fri Feb 19 17:28:34 2010
Settlement Statement Questions?
Q. We close on the house on Thursday, and we'll get the official settlement statement 12-48 hours before we close. I still want to hear some real stories about how much other's settlement statements were. We are paying $171K on the home, and the sellers are paying for our closing costs ($5500). In fact, our lender saw that we actually have a $500 credit come towards us, and we have 1 point. Knowing that, how much do you think we would pay for the settlement statement? We're getting REALLY excited about this!
Asked by FaZizzle - Tue Jun 12 22:53:26 2007 - - 2 Answers - 0 Comments
A. In most markets, $5500 sounds just about right. There's quite a bit of variance on taxes, insurance and title insurance by state. I don't quite get the "credit", since you can't just keep the overage. It's supposed to be applied to the loan. The seller would have to give that money to you after closing, as a personal check. But at that loan size, you're right at about 3% of purchase price, which is very normal.
Answered by Yanswersmonitorsarenazis - Wed Jun 13 00:34:47 2007
Q. We close on the house on Thursday, and we'll get the official settlement statement 12-48 hours before we close. I still want to hear some real stories about how much other's settlement statements were. We are paying $171K on the home, and the sellers are paying for our closing costs ($5500). In fact, our lender saw that we actually have a $500 credit come towards us, and we have 1 point. Knowing that, how much do you think we would pay for the settlement statement? We're getting REALLY excited about this!
Asked by FaZizzle - Tue Jun 12 22:53:26 2007 - - 2 Answers - 0 Comments
A. In most markets, $5500 sounds just about right. There's quite a bit of variance on taxes, insurance and title insurance by state. I don't quite get the "credit", since you can't just keep the overage. It's supposed to be applied to the loan. The seller would have to give that money to you after closing, as a personal check. But at that loan size, you're right at about 3% of purchase price, which is very normal.
Answered by Yanswersmonitorsarenazis - Wed Jun 13 00:34:47 2007
what is "home purchase settlement statement"?
Q. is this the same as a HUD-1 uniform settlement statement... ?
Asked by jokerschild584 - Tue Feb 2 21:19:02 2010 - - 1 Answers - 0 Comments
A. That's what it is.
Answered by Max Hoopla - Wed Feb 3 10:34:16 2010
Q. is this the same as a HUD-1 uniform settlement statement... ?
Asked by jokerschild584 - Tue Feb 2 21:19:02 2010 - - 1 Answers - 0 Comments
A. That's what it is.
Answered by Max Hoopla - Wed Feb 3 10:34:16 2010
I am closing on a home very soon. What is a HUD-1 Settlement Statement?
Q. We got financing through FHA. I already have the GFE and Truth in lending report. Why exactly is this settlement statement important to have one day in advance of closing?
Asked by h c - Tue Apr 24 18:08:36 2007 - - 6 Answers - 0 Comments
A. The responder before me is correct - the HUD-1 is the settlement sheet which itemizes out your closing costs. You will review and sign this form at settlement. Here's an explanation of the fees: Please note, this is for Pennsylvania (where I'm an agent), therefore some of the fees may or may not apply. Consult with your lender and/or agent for the applicable fees.
Answered by HomesByDamon.com - Tue Apr 24 20:56:46 2007
Q. We got financing through FHA. I already have the GFE and Truth in lending report. Why exactly is this settlement statement important to have one day in advance of closing?
Asked by h c - Tue Apr 24 18:08:36 2007 - - 6 Answers - 0 Comments
A. The responder before me is correct - the HUD-1 is the settlement sheet which itemizes out your closing costs. You will review and sign this form at settlement. Here's an explanation of the fees: Please note, this is for Pennsylvania (where I'm an agent), therefore some of the fees may or may not apply. Consult with your lender and/or agent for the applicable fees.
Answered by HomesByDamon.com - Tue Apr 24 20:56:46 2007
HUD-1 Settlement Statement Question?
Q. I am trying to get the first time home buyer tax credit. They sent a letter today stating they want the HUD-1 Settlement Statement. I spoke to a lady from the IRS and she said to make sure I had both signatures on this page. Yet, after getting off the phone with her and finding the HUD I realized that there were no spots for signatures, so we never signed it. Yet, it has all out information on it. What should I do?
Asked by Holly - Mon Oct 26 20:22:33 2009 - - 1 Answers - 0 Comments
Q. I am trying to get the first time home buyer tax credit. They sent a letter today stating they want the HUD-1 Settlement Statement. I spoke to a lady from the IRS and she said to make sure I had both signatures on this page. Yet, after getting off the phone with her and finding the HUD I realized that there were no spots for signatures, so we never signed it. Yet, it has all out information on it. What should I do?
Asked by Holly - Mon Oct 26 20:22:33 2009 - - 1 Answers - 0 Comments
Do seller paid settlement fees on real estate deductible or adjustments to basis for buyer?
Q. Hi, I have read that seller paid points are deductible by buyer even though seller paid, but can't find any info on other settlement charges. I bought a home at an auction (that I rehabbed and sold in less than a year). The doc prep, title insurance, etc, were paid from sellers funds according to the hud settlement statement. Are these adjustments to my basis, or deductible by me too? Thanks!
Asked by lookingforanswers - Sun Apr 12 12:11:44 2009 - - 3 Answers - 0 Comments
A. No, you can't adjust your basis for something you didn't pay.
Answered by herroruthere - Sun Apr 12 12:17:21 2009
Q. Hi, I have read that seller paid points are deductible by buyer even though seller paid, but can't find any info on other settlement charges. I bought a home at an auction (that I rehabbed and sold in less than a year). The doc prep, title insurance, etc, were paid from sellers funds according to the hud settlement statement. Are these adjustments to my basis, or deductible by me too? Thanks!
Asked by lookingforanswers - Sun Apr 12 12:11:44 2009 - - 3 Answers - 0 Comments
A. No, you can't adjust your basis for something you didn't pay.
Answered by herroruthere - Sun Apr 12 12:17:21 2009
will i be taxed on a lawsuit settlement?
Q. Six years ago I attempted to buy a condo, but the seller tried to void the contract and would not release my earnest money. I decided to take him to court and since then I have bought another place and moved again. We finally settled the case this year. Part of the settlement was to release the property, but since I had no interest in actually purchasing the property I immediately (same closing) sold the property to another party which was all part of the deal. I netted just under $12,000 and never took possession of the property. How will I be taxed on this money? So far I have not received any tax documentation - only a settlement statement.
Asked by scotchbrandy - Sat Sep 30 12:41:13 2006 - - 4 Answers - 0 Comments
A. Probably a short-term capital gain, but it could make a difference how the transaction was papered. Take the documents to your CPA for analysis.
Answered by TaxGuru - Sat Sep 30 16:17:07 2006
Q. Six years ago I attempted to buy a condo, but the seller tried to void the contract and would not release my earnest money. I decided to take him to court and since then I have bought another place and moved again. We finally settled the case this year. Part of the settlement was to release the property, but since I had no interest in actually purchasing the property I immediately (same closing) sold the property to another party which was all part of the deal. I netted just under $12,000 and never took possession of the property. How will I be taxed on this money? So far I have not received any tax documentation - only a settlement statement.
Asked by scotchbrandy - Sat Sep 30 12:41:13 2006 - - 4 Answers - 0 Comments
A. Probably a short-term capital gain, but it could make a difference how the transaction was papered. Take the documents to your CPA for analysis.
Answered by TaxGuru - Sat Sep 30 16:17:07 2006
which statement best descrides the pattern of settlement of the first people in the Americans?
Q. A. settlers arrived from Europe and lived in colonies composed mainly of men. B. settlers arrivied form asia and lived in kinship groups. C. settlers arrived from Africa and became slaves. D. settlers arrived from Europe and lived in feudal societie.
Asked by billyjoe_forever - Tue Sep 19 14:57:59 2006 - - 4 Answers - 0 Comments
A. A.
Answered by Beth - Tue Sep 19 15:05:32 2006
Q. A. settlers arrived from Europe and lived in colonies composed mainly of men. B. settlers arrivied form asia and lived in kinship groups. C. settlers arrived from Africa and became slaves. D. settlers arrived from Europe and lived in feudal societie.
Asked by billyjoe_forever - Tue Sep 19 14:57:59 2006 - - 4 Answers - 0 Comments
A. A.
Answered by Beth - Tue Sep 19 15:05:32 2006
HUD settlement statement?
Q. Hi--I have been reviewing my HUD statement and closing papers and have noticed that everything but my deed is dated one day after closing. The attorney already had the dates typed into the papers. Can I use this info to invalidate my mortgage?
Asked by nicksmom - Tue Sep 16 18:06:27 2008 - - 2 Answers - 0 Comments
A. Did you sign it? By signing you are agreeing to the information that is on the document. Didn't read it? To bad. You were not forced to sign it without reading. NO, you have no case to invalidate the mortgage, especially since you signed these papers 2-3 years ago. ***EDIT: I have read your other posts about problems with the developer. However, based on these posts, the issues don't actually effect you at all. Why do you want to get out of the condo that you have owned for over 2 years? Let me guess, the value has fallen and you want to move, but are upside down.
Answered by Real Estate Guy - Tue Sep 16 18:56:25 2008
Q. Hi--I have been reviewing my HUD statement and closing papers and have noticed that everything but my deed is dated one day after closing. The attorney already had the dates typed into the papers. Can I use this info to invalidate my mortgage?
Asked by nicksmom - Tue Sep 16 18:06:27 2008 - - 2 Answers - 0 Comments
A. Did you sign it? By signing you are agreeing to the information that is on the document. Didn't read it? To bad. You were not forced to sign it without reading. NO, you have no case to invalidate the mortgage, especially since you signed these papers 2-3 years ago. ***EDIT: I have read your other posts about problems with the developer. However, based on these posts, the issues don't actually effect you at all. Why do you want to get out of the condo that you have owned for over 2 years? Let me guess, the value has fallen and you want to move, but are upside down.
Answered by Real Estate Guy - Tue Sep 16 18:56:25 2008
Settlement statement was incorrect?
Q. I recently sold my townhouse and used the proceeds to purchase a new home. Two weeks after closing, I was contacted by my settlement agent who indicated that there was a $1000 error in the closing documents (They apparently applied a $1k reduction in realtor's commission twice). They're demanding payment of the $1000 and withholding my realtor's commission until I make payment (which means that I'm receiving pressure from him also). Am I responsible for their mistake at closing (two weeks after settlement seems a bit late)? Is there anything to protect me from them coming back and telling me that something else was incorrect on the HUD-1?
Asked by Chris B - Mon Nov 19 09:37:03 2007 - - 5 Answers - 0 Comments
A. This has happened to me 4-5 times. Yes, you need to correct the error. You are not paying them anything, it is money that was applied in the incorrect column in the first place. It is handled like a banking error, it is corrected and whoever has money they aren't entitled to returns the excess funds.
Answered by Landlord - Mon Nov 19 09:42:55 2007
Q. I recently sold my townhouse and used the proceeds to purchase a new home. Two weeks after closing, I was contacted by my settlement agent who indicated that there was a $1000 error in the closing documents (They apparently applied a $1k reduction in realtor's commission twice). They're demanding payment of the $1000 and withholding my realtor's commission until I make payment (which means that I'm receiving pressure from him also). Am I responsible for their mistake at closing (two weeks after settlement seems a bit late)? Is there anything to protect me from them coming back and telling me that something else was incorrect on the HUD-1?
Asked by Chris B - Mon Nov 19 09:37:03 2007 - - 5 Answers - 0 Comments
A. This has happened to me 4-5 times. Yes, you need to correct the error. You are not paying them anything, it is money that was applied in the incorrect column in the first place. It is handled like a banking error, it is corrected and whoever has money they aren't entitled to returns the excess funds.
Answered by Landlord - Mon Nov 19 09:42:55 2007
Can settlement discussions be used against you in a disorderly conduct case?
Q. I was involved in this lawsuit in 2006-2008. During a telephone call with the attorneys for the defendants, settlement discussions and options took place. Can the settlement discussion statements be used against you in a disorderly conduct trial or case?
Asked by shoe1diva - Wed Jan 28 22:55:57 2009 - - 1 Answers - 0 Comments
A. sounds like two different cases. disorderly normally a charge backed by actions that some one can testify to on you.
Answered by allen w - Fri Jan 30 22:41:52 2009
Q. I was involved in this lawsuit in 2006-2008. During a telephone call with the attorneys for the defendants, settlement discussions and options took place. Can the settlement discussion statements be used against you in a disorderly conduct trial or case?
Asked by shoe1diva - Wed Jan 28 22:55:57 2009 - - 1 Answers - 0 Comments
A. sounds like two different cases. disorderly normally a charge backed by actions that some one can testify to on you.
Answered by allen w - Fri Jan 30 22:41:52 2009
In regard to the settlement of World War 1, which statement is not entirely true? History Q help..?
Q. a) Poland was recreated. Austria was separated from hungary. Czechoslovakia and Yugoslavia were created. b) In March 1920, the U.S Senate ratified the Treaty of Versailles, but rejected the covenant of League of Nations c)Italy recieved some Italian-speaking territories from Austria. The Turkish Empire was reduced in size and new states were created; Iraq, Palestine, and Transjordania were placed under Brithish controlk Syria and Lebqanon were placed under French control.
Asked by luv_mriss - Thu Jul 9 09:46:27 2009 - - 1 Answers - 0 Comments
A. a. but i'm not 100% sure just 85%
Answered by zaharia - Thu Jul 9 09:53:46 2009
Q. a) Poland was recreated. Austria was separated from hungary. Czechoslovakia and Yugoslavia were created. b) In March 1920, the U.S Senate ratified the Treaty of Versailles, but rejected the covenant of League of Nations c)Italy recieved some Italian-speaking territories from Austria. The Turkish Empire was reduced in size and new states were created; Iraq, Palestine, and Transjordania were placed under Brithish controlk Syria and Lebqanon were placed under French control.
Asked by luv_mriss - Thu Jul 9 09:46:27 2009 - - 1 Answers - 0 Comments
A. a. but i'm not 100% sure just 85%
Answered by zaharia - Thu Jul 9 09:53:46 2009
What can I do about a divorce settlement concerning an investment rollover?
Q. I got divorced 8 mo's ago and part of the settlement was a portion of my ex's stocks & investments.He is with a company that has him in an aggressive growth account. My ex gave me a paper to sign from this company saying that I accept the money. He told me I can then use whatever co. I wanted.I went to my bank, they worked up the papers. then I received a statement that I lost 3,000 the first day from x's co.When I called them and told them I did not want to use them they said I had to pay a penalty to change so I had them to put the money in a safe money market.I'm 51 and do not want to gamble what I have away. By the time this was done I had lost a total of 8,000.Did I have a choice to change without penalty for a divorce settlement? Is… [cont.]
Asked by gabeymac - Fri Jan 19 16:03:15 2007 - - 1 Answers - 2 Comments
A. I would report the investment company to the Federal Securities and Exchange commission. Next time, use a no fee company such as "Scottrade". send me a message with more details if you want to discuss this more. UPDATE: I received your message but got a delivery failure when I tried to respond. "Hi, They Securities and Exchange Commission regulates investment companies. How did you lose $3,000 the first day? Did you purchase a mutual fund with a load? Banks are notarious for that. What bank was it? Basic rules: 1. Never buy a fund that has a load (sales fee). 2. Never buy a load that has a transaction fee 3. Never put your investments in an institution that charges you to keep you rmoney.
Answered by Feeling Mutual - Fri Jan 19 16:22:58 2007
Q. I got divorced 8 mo's ago and part of the settlement was a portion of my ex's stocks & investments.He is with a company that has him in an aggressive growth account. My ex gave me a paper to sign from this company saying that I accept the money. He told me I can then use whatever co. I wanted.I went to my bank, they worked up the papers. then I received a statement that I lost 3,000 the first day from x's co.When I called them and told them I did not want to use them they said I had to pay a penalty to change so I had them to put the money in a safe money market.I'm 51 and do not want to gamble what I have away. By the time this was done I had lost a total of 8,000.Did I have a choice to change without penalty for a divorce settlement? Is… [cont.]
Asked by gabeymac - Fri Jan 19 16:03:15 2007 - - 1 Answers - 2 Comments
A. I would report the investment company to the Federal Securities and Exchange commission. Next time, use a no fee company such as "Scottrade". send me a message with more details if you want to discuss this more. UPDATE: I received your message but got a delivery failure when I tried to respond. "Hi, They Securities and Exchange Commission regulates investment companies. How did you lose $3,000 the first day? Did you purchase a mutual fund with a load? Banks are notarious for that. What bank was it? Basic rules: 1. Never buy a fund that has a load (sales fee). 2. Never buy a load that has a transaction fee 3. Never put your investments in an institution that charges you to keep you rmoney.
Answered by Feeling Mutual - Fri Jan 19 16:22:58 2007
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