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Real Estate Tips
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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Real Estate Trivia
Q 
What is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?

A 
Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property
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Bob Kelly, REALTOR®, real estate agent and broker for East Stroudsburg, Stroudsburg and Mt. Pocono, Pennsylvania home listings, property and land for sale - NUMBER1EXPERT™

Bob Kelly
Keller Williams Real Estate

637 Main St.
Stroudsburg, PA 18360
PA License #RS287521
Direct: 570-242-4400
Office: 570-421-2890 x4884
Fax: 570-227-0062
Toll Free: 1-866-410-5355
bob@kellyrealtygroup.com

I pride myself on knowing the area and information surrounding it. The Poconos Region is changing rapidly and it is my job to know what economic and social influences are, or will be affecting areas with-in our region. This way I can best assist you in locating to the best area possible. If you choose to make the move to the beautiful Poconos area, you can count on me and any of my team members to provide superior service to you and your family, no matter how large or small the task. Simply just ask. We look forward to working for you.

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