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Short Hills, Millburn, Summit and Maplewood Information:
About Short Hills, Millburn, Summit and Maplewood - Moving to Short Hills, Millburn, Summit and Maplewood, New Jersey? Get info here... School Reports - Reports for Short Hills, Millburn, Summit and Maplewood schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Short Hills, Millburn, Summit and Maplewood, in Essex, Union County NJ. Go to Main Sitemap - Main sitemap sections include Find Short Hills, Millburn, Summit and Maplewood Homes, For Home Buyers, For Home Sellers, Short Hills, Millburn, Summit and Maplewood Information, Real Estate Resources, and About Nancy Mendel.
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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 |
Where is the world's largest bridge located?
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| A |
Lake Pontchartrain Causeway at New Orleans, Louisiana is the world's largest bridge. It is almost 24 miles long. |
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