Information and Bio for Justine Bentfield Coming Soon... 
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 |
Where is the world's largest mud building?
|
| A |
The Grand Mosque in west Africa measures 328 feet long and 131 feet wide, and has been carefully maintained for centuries by local craftsmen, especially during the rainy season. |
 See More Real Estate Trivia > |
|
|
Sal, Nunzio and Davide Salafia
RE/MAX Plus
2171 Monroe Ave
Rochester, NY 14618
Buyers Hotline: 585-279-8210
Sellers Hotline: 585-261-6070
Fax: 585-279-8227
SalafiaOnline@yahoo.com
We are Experienced, Knowledgable and Committed to providing you the excellent Customer Service you expect! Our Team Sells more Homes in Rochester New York and Monroe County than any other Realtor. We have been the #1 Agent in New York State for the past 17 Consecutive Years. Selling A Home In Rochester New York? Buying A Home in Rochester New York? Call us! You have just found Rochester New York's Top Realtor!* We have been The top Re/max Team for the longest consecutive years!
*All claims based on homes sold $70,000 and above.
**By completing and submitting this form, you are authorizing The Salafia Sold Team and RE/Max Plus to access and review your credit information.   
www.RochesterHomeLocator.com is brought to you by
Salafia Sold Team - Nunzio, Sal & Davide Salafia
NUMBER1EXPERT™ in real estate for
Rochester, New York Read Salafia Sold Team - Nunzio, Sal & Davide Salafia's
Privacy Guarantee,
Terms of Service,
and
Free & Without Obligation Pledge
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT® 
