BUYING A HOME
SELLING A HOME
ABOUT GRACE
ABOUT BOBOHOMES
TAXES
MORTGAGE
TRANSACTION PROCESS
 |
|
|
|
|
|
|
|
|
|
How can owning a home lead to tax deductions? |
|
The mortgage interest paid on a home loan for a primary residence or second home is tax deductible every year. Property taxes and other mortgage costs such as late payment charges and prepaid penalty expenses are also tax deductible. Consult with a local accountant for any additional tax deductible expenses |
|
Are loan fees and closing costs deductible? |
|
The majority of costs paid at closing are not immediately deductible. One exception is the points paid to purchase a home loan which are deductible for that year. Points paid when you refinance an existing mortgage are deducted over the span of the new loan. |
|
Are homeowner’s association expenses deductible? |
|
They are normally not deductible but the case of a special assessment used to make capital improvements, owners might be able to add the expense to their cost basis when the property has been sold. |
|
Are there tax credits for a first time homebuyer? |
|
Yes, many city and county governments offer Mortgage Credit Certificate programs which reduces the amount of federal taxes paid by a first time buyer each year as long as he or she continues to live in the same house and keeping the same loan. |
|
Why is it required for homeowners to pay property taxes? |
|
Property taxes provide city and county governments with the bulk of their operating revenues. This tax ends up helping to pay for public services such as schools, libraries, parks, police stations, etc. |
|
| About Grace | Buy a Home | Find Listing MLS | Sell a Home | Find Home Value | Grace's Full Service Plan | Statistics |
| Exclusive Weekly Report | | Real Estate Articles and News | Local Info | School Info |FAQ | Links | Contact Me |
Serving Areas: San Bernardino County (California), Riverside County (California), Los Angeles County (California)
Serving Cities: Chino Hills, Chino, Eastvale (Corona), Walnut, Diamond Bar, West Covina, Rowland Heights
Copyright © 2007 Bobohomes. All rights reserved
Real Estate From Different States