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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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Where will you find the world's most unusual golf course?
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The only golf course on the island of Tonga has 15 holes, and no penalty against the golfer whose golf ball is stolen by a monkey. |
 See More Real Estate Trivia > |
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Pam Schroeder
Keller Williams Realty West
5377 Highway N.
St. Charles, MO 63304
Direct: 314-575-2255
Office: 636-229-8700
Fax: 314-754-2640
pam@pamschroeder.com
Pam Schroeder with Keller Williams Realty West is dedicated to client satisfaction. We advise and consult with our clients to make sure all of their needs are met and that they walk through the home buying and home selling process with ease. If you need help buying, selling, building, or relocating in the Saint Louis, and St. Charles counties in Missouri. please call Pam directly at 314-575-2255 or 636-229-8700
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