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I would appreciate the opportunity to introduce myself and discuss your needs. My cell:908-447-8134.
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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.
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What does the abbreviation PITI stand for?
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Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
 See More Real Estate Trivia > |
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Ellen Murphy
Coldwell Banker Residential Brokerage
209 Central Ave
Westfield, NJ 07090
Cell Phone: 908-447-8134
Fax: 862 345 2882
Office : 908-233-5555
ellenmurphy811@gmail.com
I am a leading agent with the Westfield NJ Coldwell Banker office. I have many years of experience in Union County real estate, including Cranford, Westfield, Mountainside, Scotch Plains, Fanwood and surrounding towns. I am skilled in the negotiating of sales and listings. I have market knowledge and personal experience as I have lived in the markets I serve. PLEASE CALL ME TODAY!
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