Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time. Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. If you paid off your mortgage and had to pay a pre-payment penalty, it qualifies as tax deductible interest. If you paid an "acquisition mortgage loan fee" on a home loan, this fee can be deducted as itemized interest. Home improvement loan fees are also deductible. Any remaining loan fees from re-financed or paid-off mortgages are fully deductible at the time of the mortgage payoff.
Certain items don't qualify as deductions, but can be added to the cost basis of your home, such as transfer taxes, recording and title fees, and special local property tax assessments for new sidewalks, streets, or sewers.
Don't be intimidated by the tax code! A little research or consultation with an expert can help you maximize your real estate tax advantages.
The Jeff Scofield Team RE/MAX PLUS 2171 Monroe Avenue Rochester, Pittsford and Brighton, NY 14618 585-721-3010 585-730-9110 Email: BuynSell@Rochester.rr.com
As one of America's NUMBER1EXPERTS� in the Rochester area, Jeff has a passion to ensure that his buyers get the best home at the best price. His utilization of master negotiating skills, extensive knowledge of the local housing market, and attention to detail have successfully served hundreds of buyers. Jeff utilizes his MBA in marketing to successfully market the homes of his sellers. His marketing system provides an unequaled amount of advertising and exposure for his clients' homes along with sound advice on presentation and price. Call or e-mail him today!!!
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