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Looking for an expert in Nevada and Placer County Real Estate? You just found her. Call to find out why my expertise will help you: 530-913-8598.
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For Home Sellers:
Why Sellers Choose Diane Helms - Why home sellers in Grass Valley, Nevada City and Auburn choose Diane Helms. Free Presentation - Free in-home listings presentation on marketing your Grass Valley, Nevada City and Auburn, in Nevada County California property. Property Valuation - How much is your Grass Valley, Nevada City and Auburn home worth? What Did That Home Sell For? - What did that Grass Valley, Nevada City and Auburn, California property or other real estate sell for? FSBO - Selling your Grass Valley, Nevada City and Auburn real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Grass Valley, Nevada City and Auburn Homes, For Home Buyers, For Home Sellers, Grass Valley, Nevada City and Auburn Information, Real Estate Resources, and About Diane Helms.
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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 |
What unique type of home is making news as an affordable, environmentally-friendly housing alternative?
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| A |
Straw bale homes may well become the non-toxic, affordable home of choice in the future. |
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