Properties For Sale
Search The MLS
Buyers, Click Here
|
All agents are NOT alike! Find out why I am a top real estate expert. Call me: 850-902-1280 Cell Direct and 850-423-5006 Office Direct
|
Request My Free Relocation Package!
Moving your family to another town or state is a major event in your life! I have helped many families and individuals relocate!
Find Out More >
View All Offers >
|
 Compare three mortgages
at one time. Download TripleCalc now. It's free. |
Kathy Wilhelm is one of The Top Selling Real Estate Experts™
Find Out More > |
|
|
|
Fixed Mortgage Loan Calculator
Enter the loan information to quickly calculate how much your monthly and total payments will be with this calculator provided by Homes.com.
 |
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 U.S. state is home to the world's richest woman?
|
| A |
Alice Walton, daughter of WalMart's founder and heiress to $16.5 billion, lives on a ranch in the state of Texas. |
| See More Real Estate Trivia > |
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT 
