In your home loan or mortgage, you might be paying “points” towards your deal. These points are tax deductible for that fiscal year. You property taxes and interest are deductible every year! Some other home buying costs are adjusted to the cost basis of your home when you go to sell it.
They include you title insurance, credit report fees, loan application fee, service fee appraisal fee, settlement or closing fees, your bank attorney’s fees, if you’re using an attorney their fees, also the document preparation fees and recording fees!
Sheew! I’m tired from just listing all those fees.
They can seem to be overwhelming at times but they are all needed and your Title Company and REALTOR® will explain each one to you. I have been thru many closings and I will be happy to explain any of these fees. You should also contact your tax advisor for any and all tax liabilities.
I have been thru many closings and I will be happy to explain any of these fees. You should also contact your tax advisor for any and all tax liabilities.
For more Real estate information call Adam Kruse 314-210-5115 Thanks!
Posted in: Q&A
Back to: Real Estate Questions