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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 the most expensive piece of property ever recorded?
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In October 1988, the Mediya Building in central Tokyo was quoted at 358.5 million yen ($248,000) per square foot.
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Tracey Saizan Keller Williams 9355 East Stockton Blvd. Suite 210 Elk Grove CA, 95624 Contact Number: 916-761-8180 Paula Thorpe, Assistant: 916-480-8300 Fax: 916-241-8300 Email: Tracey.Saizan@frontiernet.net
Tracey Saizan has been a top Realtor for over 30 years! Her credits go on to include being a Gold Circle Million Dollar Producer and having her Certified Residential Specialist designation. She is known in the industry for her aggressive approach to assisting clients, and utilizes today's technology to the fullest to better serve her buyers and sellers. Tracey served as the President of Sacramento Association of Realtors in 2007 and is a Director for California Association of Realtors and National Association of Realtors, therefore being held in high regard for her ethical standards and integrity. She is highly qualified to meet all of your real estate needs. 
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