Friday, March 24, 2017
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Tom Gilliam
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Which settlement expenses can buyers deduct on their taxes?

Abacu Some of the biggest costs at settlement are tax deductible in the year the home was bought. The loan fee or points, even if paid by the seller, as well as the pro-rated mortgage interest and property taxes, are tax deductions.
  • Increase your basis

  • Most of the rest of the closing costs are not deductible, but can be added to the home's purchase price to increase the basis of the property. These costs include attorney and recording fees, transfer taxes and termite inspection. The homeowner's property insurance is a personal expense, so it's not tax deductible and cannot be added to the basis of the home.
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FIRST TIME How To Buy The Most Home For Your Money
QUALIFIED How Much House Can You Really Afford?
TIRE KICKING Secret Tests To Check A Property's Condition
LOCATION LOCATION: The Most Important Questions Every Buyer Should Ask
NEGOTIATE How To Buy The Home You Love At The Price You Want
SEARCH Quick Checklist For Finding The Perfect Home
INVEST YOUR RENT Why Pay Your Landlord's Mortgage?
MORE FOR LESS Six Tips For Getting The Best Loan
OPTIONS 10 Savvy Ways To Pay For A Home Today
SHELTER Six Little-Known Ways To Help Relatives Finance A Home
 
       
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