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All agents are NOT alike! Find out why I am a top real estate expert specializing in luxury homes, historic homes and new construction.
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Get Free Presentation On My Home Marketing.
Before signing a contract with any Realtor, make sure you know EXACTLY how your home will be marketed.
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Find Out About the Latest Morristown, Harding, Randolph and Morris Plains Area Homes for Sale Before Anyone Else!
I add my newest homes and other real estate listings to this web site first. It can be some time before they appear in the Morristown, Harding, Randolph and Morris Plains, New Jersey area MLS, and even later on the national listings web sites, if at all. By signing up to receive my latest listings, I'll send you an email notice instantly -- as soon as my latest homes for sale go online. You'll find out first, before other Morristown, Harding, Randolph and Morris Plains buyers. There is absolutely no obligation, and this service is free of charge. Don't miss out! Just fill out the form to get started...
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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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| Q |
What has a tremendous impact on the U.S. economy, comprising between $10-$15 trillion of the nation's wealth?
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| A |
Real Estate--it goes through cycles, but still has a long-term record of strong investment return. |
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