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Tips for Buyers

 

 

 

What home-buying costs are deductible?
Any points you or the seller pay to purchase your home loan are deductible for that year. Property taxes and interest are deductible every year.

But while other home-buying costs (closing costs in particular) are not immediately tax-deductible, they can be figured into the adjusted cost basis of your home when you go to sell (any significant home improvements also can be calculated into your basis). These fees would include title insurance, loan-application fee, credit report, appraisal fee, service fee, settlement or closing fees, bank attorney's fee, attorney's fee, document preparation fee and recording fees. Points paid when you refinance an existing mortgage must be deducted ratably over the life of the new loan.
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Century 21 Big Sky Real Estate
119 Anchor Way
Polson, MT 59860
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Century 21 Big Sky is a proud member of the National Association of REALTORS®, Equal Housing Opportunity. All information deemed reliable but not guaranteed. Real Estate Data on this Web site come in part from the IDX program of the Northwest Montana Association of REALTORS® or the Missoula Organization of Realtors®. Listings presented may not be listed for sale by Century 21 Big Sky, but by another brokerage firm. Such listings will be marked with the MLS logo and the listing brokerage firm will be indicated in detailed information about the property.
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