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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	Which metropolitan area in America currently offers the most affordable market in which to buy new homes?
A	The housing market in Youngstown, Warren and Boardman, Ohio is currently the most affordable metro area in the U.S.
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Julianne C. Ward, REALTOR®, real estate agent and broker for Greenwich Connecticut home listings, property and land for sale - NUMBER1EXPERT(tm)

Julianne C. Ward
Prudential CT Realty
136 East Putnam Ave
Greenwich, CT 06830
Office: 203 869-0500
Cell: 203-231-1064
Voice Mail: 203 637-6281
Fax: 203 869-7055
Email: jcward@prudentialct.com
Email: wardjulianne@aol.com
Prudential Connecticut Realty is pleased to announce that Julianne Ward of the Greenwich office has ranked as the firm’s number 1 Realtor. Julianne has increased her production 47% over the previous year selling more than $80 million dollars worth of real estate in 2006. This is particularly impressive when contrasted to the overall Greenwich market where the number of homes sold decreased by 15% compared to 2005. During her career, Julianne has consistently earned the Chairman’s Circle Diamond Award placing her in the Top 1% of Prudential’s Realtors throughout North America. For 2006, she also ranked #52 out of the entire Prudential network of 68,000 sales professionals. Julianne is a member of the Greenwich Board of Realtors and the Consolidated Multiple Listing Service. She is the past Chairman of the Greenwich Association of Realtors Public Relations and Activities Committee. In addition, Julianne serves on the Boards and volunteers for several charitable organizations including Neighbor to Neighbor, TAG (Transportation Association of Greenwich), and the Greenwich YMCA.

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