Home Buyers: Save Money, Homeowners and Taxes Q&A;, Part 1 | Home Purchase Loans in Madison WI Apply Now

  • News Home Buyers: Save Money, Homeowners and Taxes Q&A;, Part 1

simple-loan-process-mortgage-loans-low-rate-low-fee Loans Madison WI St Louis MO Denver CO Hannibal MO Online Loan Applications

Home » News » Archives  » June 2015 | Apply Now| (970) 585-4546 | Loan Options | Refinancing | | Tools | News | Contact Us
| Mortgage Loans Colorado - Estes Park, Boulder, Colorado Springs, Denver CO | Mortgage Loan Wisconsin - Appleton, Janesville, Lacrosse, Madison, Milwaukee WI | Mortgage Loans Missouri - Hannibal, O'Fallon, Springfield, St Louis MO

Apply Now

Real Estate Financing / Mortgage Lending News Archive - June, 2015 

Save Money, Homeowners and Taxes Q&A, Part 1Save Money, Homeowners and Taxes Q&A;, Part 1

 Home Buyers  \  March 18, 2016 10:00 am

Please keep in mind this Q&A is only meant to provide you information and steer you in the right direction. Consult with your tax professional or real estate law professional if you are unsure about anything.

Homeownership and Tax Deductions Q&A

Q. If I spent a lot of money fixing up my home, what can I claim as a deduction?
A. Odds are, you can’t deduct expenses incurred doing minor repairs to the home. However, if you made significant improvements ( i.e. new windows, new roof, new heating and air, etc. ) hold on to your receipts and ask your tax professional what to do w if you can make any adjustments to the home’s basis.

Q. Can I write off the portion of the money my real estate agent received as a commission?
A. You can’t deduct commissions for the sale of a personal residence, but you may be able to add this amount to the home’s basis as the cost of sale. Speak to your tax professional about your options.

Q. Can I write off the real estate lawyer fees?
A. No. Legal services are considered personal in nature and not deductible on your tax return.

Q. Can I write off my tax lawyer/accountant?
A. Yes! You can generally deduct fees for tax advice and preparation services paid i.e. your tax attorney and your accountant fees. Keep in mind thought, to claim the deduction, you must itemize your deductions and you’ll have to meet the 2% floor for miscellaneous deductions. Keep receipts and consult with your tax professional about your options.

Q. If I prepaid my real estate taxes for the entire year prior to selling my home, can I claim the taxes I’ve already paid?
A. Yes, generally you can deduct real estate taxes paid on the value of your property. If you have already paid your real estate taxes for the year and then you sell after that, you can claim the taxes paid adjusted with any reimbursements. Often the buyer will reimburse the seller the pro-rated share of taxes already paid at settlement. Then for tax purposes, you can deduct the difference between what you prepaid and what you were reimbursed. Again, present this to your tax professional using your settlement sheet and they will help you figure your actual deduction.

That’s all for now! Join us  next week in Homeowners and Taxes, Part 2 when we go over a few more common Tax and Homeownership Q&A’s. If you have any questions about buying a new home or selling your existing home, feel free to reach out to us here at Lendem Financial Mortgage Co

purchase-a-new-home-get-approved-home-buying-couples Missouri Wisconsin Illinois Missouri Colorado


Mortgage Loans Knowledge Base 

Categories:  All | Choose a REALTOR | Working with a REALTOR | Buying | Selling Financial | Homeowners

 «  1 | 2 | 3 | 4 | 5   »

Mortgage and Real Estate News Categories 

Home Financing Archive

Home Loans in Madison WI, Denver CO and St Louis MO

About Lendem Financial

Download: Mortgage Loans Colorado App

Apply Now              Buy a Home              Refinance

 ‪(970) 585-4546

Mortgage Loans Colorado Madison WI, Denver CO, St Louis MO | ‪(970) 585-4546 | What is VA Cash-Out Refinance Loan? | Facts about Wisconsin's VA Loan Programs | How to Clean Up Your Credit to Get the Best Mortgage Loan | 3 Things to Do Before Getting Your First Mortgage Loan | Mortgage Calculator Options with Loan Quotes. Get Started Now With Mortgage Loans Colorado ! Lock Your Rate - Calculate Payments - Compare Loans - Skip the Bank - Types: FHA Loans, HARP,  VA Loans, ARM
Home Mortgage Madison WI | Refinancing, Home Purchase Loan | Serving all of Wisconsin including Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI

Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.