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"A very wonderful experience"
"We thank you for all the effort you have put in to find us a new home. We had a very wonderful experience with you."
A.Senan and R.Varghese, Woodbridge
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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.
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What is a "jumbo mortgage"?
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The term "jumbo mortgage" currently refers to a mortgage loan in excess of $359,650, although the threshold amount may change as the market fluctuates. |
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FEATURED PROPERTY
208 Amy Ct
Great 4 level split, features open and airy living, dining room and update kitchen,cathedral ceilings, laminate floors, walkout fam room w/fireplace, 4th bedroom/den in lower level. Fabulous screened deck overlooking fenced backyard. 5 min to rts 7, 28.
Location: SS: 20164: $225-250K
Price:
$249,000 Great short sale!
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"Oscar" Inc Handyman
HVAC, Plumbing, Painting, Tile, Cabts, Flooring, Carpeting, Electrical - FULLY LICENSED & INSURED, REFERENCES AVAILABLE - CALL: (571) 237-4839
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