"Calmed the Troubled Waters"
"Working with Ginny Anderson to buy a new home and sell an existing one has been both a delightful and a professional experience. Ginny is extremely responsible, following up on everything immediately ~ and there is a lot to follow up on in buying and selling country property ~ while keeping us constantly informed. Ginny has a wonderful disposition. When things got a little testy, she calmed the troubled waters, smoothly yet kept the negotiations moving forward smartly. We have truly enjoyed working with Ginny. We strongly recommend Ginny Anderson to anyone in need of a great real estate agent."
Joyce & Harvey, Orangeville
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Tax Considerations >Tax Deductions
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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| Q |
What island in the St. Lawrence River was given away on a television game show in 1964?
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| A |
Price is Right Island was given away by Bill Cullen on "The Price is Right." |
 See More Real Estate Trivia > |
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