|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 785-827-7200 Ext 31.
|
Get Free Presentation On Our Home Marketing.
Before signing a contract with any REALTOR®, make sure you know EXACTLY how your home will be marketed.
Find Out More >
View All Offers >
|
"we appreciate your professional service..."
"Thoughtful, caring, professional, genuine, and honest are all adjectives that could be used to describe Steve and Karin Ashton."
Read Quote >
View All Quotes >
|
 Compare three mortgages at one time.
Download TripleCalc now. It's free. |
The Ashton Home Team are some of The Top Selling Real Estate Experts™
Find Out More > |
|
|
 |
Please Sign Up For The Latest Listings and the Latest Real Estate News
|
Tax Considerations >Tax Deductions
Here is a question which is often asked about real estate sales: which home loan fees are deductible for income tax purposes? It is good to know the answer to this question before you sign on the dotted line. It may influence which loan you will choose. Loan fees for certain services are not itemized on your fee statement, but are grouped together into a single category.
The most obvious deductible fee is the loan fee paid to acquire a mortgage for a principal residence. The IRS recently ruled that the buyer could deduct the fee in the first year, even if the seller paid it! Other deductions include pro-rated property taxes and mortgage interest. On these items, the buyer may only deduct their share.
Most of the other closing costs are not deductible, but you may add them to your home's adjusted cost basis when calculating appreciation. Among these costs are appraisal, attorney, and inspection fees, as well as title, recording and notary fees. Fire insurance fees are neither deductible nor do they figure into the cost basis. If you are not sure which fees are deductible, consult a professional tax advisor.
|
|
| Q |
What is the most common name for a city in the United States?
|
| A |
Fairview is the most common city name, according to the 1996 Top Ten of Everything Book. |
 See More Real Estate Trivia > |
|
|
|
|
- NUMBER1EXPERTS™ 
