Real Estate Tips
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.
Real Estate Trivia
What are considered the ideal conditions for a seller's market?
In a seller's market, prices are firm and good houses are sold before advertised or as soon as they show up in the MLS.
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Phil Brower, Realtor, Sherry Brower, RE asst
Realteam Real Estate Center
296 W Sunset Ave.
Coeur d'Alene, ID. 83815
Direct Line to Phil: 208-660-0072
Sherry's cell : 208-661-0191
Phil has been a resident of the Inland Northwest for his whole life. He has lived in Hayden Lake, Spokane & Spokane Valley. He has had a boat on Lake Coeur d'Alene, the Spokane River and Priest Lake. If you are wanting to buy here, Phil is ONLY ONE CALL OR E-MAIL AWAY FROM HELPING YOU FIND THE RIGHT PROPERTY!! WHETHER IT'S A SMALL COTTAGE, A BRAND NEW HOME, A LUXURY WATERFRONT ESTATE, 5 ACRES OF RAW LAND, OR A DUPLEX, he is constantly previewing all newly listed properties.
When he helps you to own a home (at no extra charge to you) he will give you his full attention starting with, LISTENING to your NEEDS & DESIRES, e-mailing you lots of PROPERTY PHOTOS to review privately, recommending experienced lenders with the BEST LOANS, suggesting favorite ACCOMODATIONS for your visit, showing you YOUR CHOICE of properties, negotiating for your BEST INTERESTS, recommending INSPECTORS who have a critical eye, TITLE Companies to expedite the paperwork, & recommending CONTRACTORS to make the property your own.
Lake City Team specializes in helping you make your next move the best you've ever had!!
Representing a dedication to his profession, Phil is a candidate of the Certified Residential Specialist designation.
Phil would love to talk to you about your real estate needs and get you started toward owning property in North Idaho, so call him today!
Are you wanting a to sell a property here?? Use Phil's excellent skills in pricing the property.
SHERRY was a Realtor for 20 years, and sold over 500 homes. She is now Phil's assistant.
Sherry loves to help market homes and uses the latest technology to make the best impression of the home. Unique flyers that show off your homes best features will bring many more buyers to view it. A personal web site of your home will introduce buyers near and far about your home, magazine advertising will alert readers to go to your home's web site. This is only one part of selling your home. Feedback on every possible showing will give you valuable information. Financial ramifications of an offer will give you details you need to know. Follow thru after an accepted offer will assure that you sell your house with the least hassle.
Call Phil to get started selling your home today. You'll be glad you did.
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