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School Reports in Hollywood, Hallandale Beach and Pembroke Pines, Florida

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Florida Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.

Schools in Hollywood, Hallandale Beach and Pembroke Pines

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 is the least affordable metropolitan housing market in the United States?
A	California's Los Angeles-Long Beach-Glendale is currently rated as the most expensive metro area in the nation.
See More Real Estate Trivia >

Ana Benitez, REALTOR®, real estate agent and broker for Pembroke Pines, Miramar and Weston Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

Ana Benitez
The Keyes Company
1661 N. Hiatus Rd.
Pembroke Pines, FL 33026
Mobile: 954-854-5109
Fax: 954-628-5898
Direct Office: 954-874-2147
anabenitez@NUMBER1EXPERT.com
Ana Benitez' strong work ethic and tireless persistence ensures that no aspect of your real estate transaction is left to chance. She is committed to delivering an Excellent Experience by achieving your unique home buying and selling goals. She works closely with her team of skilled professionals who stay on top of the current market trends to make your move a complete success.

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