|
Want the most current listing information? Need local real estate advice? Call us: 512-894-4043.
|
Request Our Free Relocation Package!
Moving your family to another town or state is a major event in your life! We have helped many families and individuals relocate!
Find Out More >
View All Offers >
|
 Compare three mortgages
at one time. Download TripleCalc now. It's free. |
|
|
|
Welcome! Here You Can Find Great Information on Dripping Springs, Austin and Driftwood, Texas Real Estate  Looking for homes? Search everything the web has to offer, right here! Don't miss our Feature Homes. Need local real estate information? We've summarized much of what is important about the Dripping Springs, Austin and Driftwood real estate market in this site. Need expert advice? No web site, large or small, can take the place of a real estate agent. Not even ours! This site is filled with ways that you can contact us for one-on-one expert help and advice. That's our job. Contact us with confidence! We guarantee your privacy will be respected. And we offer the services on this site for free and without obligation. Why? We want to be YOUR real estate agents. As your trusted, professional real estate partners, we will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. we have the experience and track record you are looking for. - Jeff Coffman
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.
|
| Q |
To what process do the terms closing, escrow, settlement and passing papers refer?
|
| A |
These terms, which vary in different parts of the country, describe the conclusion of a real estate sale. |
 See More Real Estate Trivia > |
|
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
