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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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A	The self-propelling Dyson DC06 scans and maps a room with sensors and is controlled by built-in computers that prevent it from falling downstairs.
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The Graham Team, REALTOR®, real estate agents and broker for Kansas City, Liberty and Parkville Missouri home listings, property and land for sale - NUMBER1EXPERT(tm)

The Graham Team
The Matt Graham and Associates
7605 NW Roanridge Rd.
Kansas City, MO 64151
Phone: 816-436-8899
Fax: 816-285-8001
Email: mattandbeckygraham@NUMBER1EXPERT.com
We're excited about the prospect of working for you! Our goal is to help you buy or sell your home for the best price, in the shortest period of time, with the least amount of inconvenience to you. Our job is to understand your needs and respond to them in a prompt and professional manner. We work together to get the job done, and every single member of The Graham Team is available to help you at any time. We've grown with our community, and we have an intimate knowledge of Kansas City's character, mood, and potential.

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