Listing Details: Newburgh, Cornwall and Warwick, New York Real Estate Listings & Homes For Sale Provided by Jeannie Costanzo

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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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Q	What 70-room East Coast mansion was built as a summer home and is known as a "Gilded Age cottage"?
A	Cornelius Vanderbilt's "Breakers" Mansion in Newport, Rhode Island, named for the waves crashing along the cliff that separates the property from the ocean.
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Jeannie Costanzo, REALTOR�, real estate agent and broker for Newburgh, Cornwall and Warwick, New York home listings, property and land for sale - NUMBER1EXPERT

Jeannie Costanzo
Keller Williams Realty
229 Route 32
Central Valley, NY 10917
845-234-2220
Fax: 845-230-8734
jeancostanzo@NUMBER1EXPERT.com

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