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Here is a question which is often asked about real estate sales: which home loan fees are deductible for income tax purposes? It is good to know the answer to this question before you sign on the dotted line. It may influence which loan you will choose. Loan fees for certain services are not itemized on your fee statement, but are grouped together into a single category.

The most obvious deductible fee is the loan fee paid to acquire a mortgage for a principal residence. The IRS recently ruled that the buyer could deduct the fee in the first year, even if the seller paid it! Other deductions include pro-rated property taxes and mortgage interest. On these items, the buyer may only deduct their share.

Most of the other closing costs are not deductible, but you may add them to your home's adjusted cost basis when calculating appreciation. Among these costs are appraisal, attorney, and inspection fees, as well as title, recording and notary fees. Fire insurance fees are neither deductible nor do they figure into the cost basis. If you are not sure which fees are deductible, consult a professional tax advisor.

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The Tony and Libby Kelly Group
Keller Williams Realty, Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224
Tel: 503-924-3520
Mobile: 503-753-7300
Email: Tony@TonyandLibby.com
Fax: 503-924-3590

Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. and are Diamond-Platinum members of the Portland Metropolitan Association of REALTORS Million Dollar Club. They have been featured on HGTV's "House Hunters" (3 EPISODES) & "My House is Worth What?" (4 EPISODES). They specialize in providing a superior level of professional real estate services combining today's technology with yesterday's hands-on personalized care. As top producing listing and marketing specialists, they will get your home sold for top dollar and in a timely manner. Read what past clients have to say on the Testimonials Page on this site. “Client feedback is the best endorsement we can imagine. We are dedicated to making your home selling and buying experience as easy and hassle free as possible. Satisfied customers are the foundation of our success!” *Licensed in the State of Oregon

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