|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 512-990-3660.
|
Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
Find Out More >
View All Offers >
|
 Compare three mortgages
at one time. Download TripleCalc now. It's free. |
The Terry English Team are some
of The Top Selling Real Estate Experts™
Find Out More > |
|
|
 |
Special Offers From Us To You! Just for you, we've assembled some Special Offers. Choose one or all!  
|
Tax Considerations >Tax Breaks
Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time. Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. If you paid off your mortgage and had to pay a pre-payment penalty, it qualifies as tax deductible interest. If you paid an "acquisition mortgage loan fee" on a home loan, this fee can be deducted as itemized interest. Home improvement loan fees are also deductible. Any remaining loan fees from re-financed or paid-off mortgages are fully deductible at the time of the mortgage payoff.
Certain items don't qualify as deductions, but can be added to the cost basis of your home, such as transfer taxes, recording and title fees, and special local property tax assessments for new sidewalks, streets, or sewers.
Don't be intimidated by the tax code! A little research or consultation with an expert can help you maximize your real estate tax advantages.
|
|
| Q |
What is considered the oldest surviving non-native building in the U.S.?
|
| A |
The governor's palace in Sante Fe, New Mexico, built in 1609, was constructed with materials and methods adapted from the native Indians.
|
 See More Real Estate Trivia > |
|
|
|
|
- NUMBER1EXPERTS™ 
