Montclair, Bloomfield and the Caldwells New Jersey real estate listings, home buying, selling and relocation information

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For Buyers: Montclair, Bloomfield and the Caldwells New Jersey home buying, real estate listings, and homes for sale in Essex County, NJ

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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	What document must lenders provide within three days of receiving your application for financing?
A	The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan.
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Kathy Burke, REALTORŽ, real estate agent and broker for Montclair, Bloomfield and the Caldwells New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Kathy Burke
Coldwell Banker Residential Brokerage
736 Valley Road
Upper Montclair, NJ. 07043
973-509-3015
973-228-5922
Cell: 973-632-1081
973-233-2300
Fax: 973-783-3617
Email: kathleenburke@NUMBER1EXPERT.com
During my nearly 20 years as a Realtor, I have closed transactions in many different market conditions. Because the real estate industry has become more sophisticated and challenging, you need a professional who understands the business and is positioned to stay ahead of the game. My grasp of the local real estate market will provide you with invaluable insights into buying or selling your home.

I constantly research the market so that I know how your property should be priced effectively for sale. And if you're buying, my knowledge of the neighborhood will help you choose the perfect home. I've been awarded a Lifetime membership in the New Jersey Association of Realtors' Distinguished Sales Club. I'm a member of the West Essex Board of Realtors and Garden State Multiple Listing Service. I'm a full-time Realtor since 1984, and I've closed more than $35 million worth of transactions since 2000.

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NUMBER1EXPERT™ in real estate for Montclair, Bloomfield and the Caldwells, New Jersey

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