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Real Estate Tips
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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Real Estate Trivia
Q 
What are the characteristics of classic Queen Anne architecture?

A 
Queen Anne homes are the most elaborate, romantic and feminine of all Victorian Homes.
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Carol and Howard Smith, REALTOR®, real estate agents and broker for Amarillo and Canyon Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

The Howard Smith Team
Howard Smith Co., Realtors

1616 S. Polk
Amarillo, TX 79102
Bus: 806-358-8381
Fax: 806-358-8389
Toll free: 800-299-8381
Howard: Howard@Amarillo-Homes.com
Nicole: Nicole@Amarillo-HJomes.com
Carol: Carol@Amarillo-Homes.com

Howard has over 27 years experience helping people buy, sell and manage real estate.

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