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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.
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Real Estate Trivia
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In what area of the United States did the price of existing homes increase most dramatically in 2005?
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| A |
Phoenix, Arizona real estate recorded a 55.2 percent increase in home prices during 2005. |
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The Moulton Team
Moulton & Associates Realtors
2005 S Ankeny Blvd Suite 400
Ankeny, IA 50023
Phone: 515-965-7876
Fax: 515-965-7881
Email Heath: heath@weselliowa.com
Email Julie: julie@weselliowa.com
The Moulton Team is one of Iowa's largest producing Real Estate Teams serving Des Moines and surrounding suburbs. The only Number1 Expert Realtor in the Greater Des Moines area, our team specializes in offering our clients below market interest rates that allow our buyers to save thousands of dollars in monthly payments on any home
they purchase. With over $300 Million in career volume and over 400 homes sold in the last 3 years, The Moulton Team can help you find your next home when moving to the Greater Des Moines area.
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