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Welcome! Here You Can Find Great Information on Grosse Pointe, Harper Woods, and St. Clair Shores, Michigan Real Estate  Looking for homes? Search everything the web has to offer, right here! Don't miss my Feature Homes. Need local real estate information? I've summarized much of what is important about the Grosse Pointe, Harper Woods, and St. Clair Shores real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top Realtor. Not even mine! This site is filled with ways that you can contact me for one-on-one expert help and advice. That's my job. Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR Realtor. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top Grosse Pointe, Harper Woods, and St. Clair Shores Realtor, I have the experience and track record you are looking for. Please let me help. - Shana Sine Cameron |
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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 famous writer's home is Rowan Oak?
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| A |
Rowan Oak in Oxford, Mississippi, was the home of William Faulkner from 1930 until his death in 1962.
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