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Request My Free Relocation Package. Don't Move To Phoenixville, Downingtown and Exton Without It!  Moving your family to another town or state is a major event in your life! I have helped many families and individuals relocate to and from the Phoenixville, Downingtown and Exton, Pennsylvania area. If you will be moving to the Phoenixville, Downingtown and Exton area, I can correspond by email and phone. Together, I'll determine what type of home, price range, and neighborhoods you are interested in. I'll send you every home or property that is currently available that matches your criteria. When you visit, I'll be ready! We will visit the Phoenixville, Downingtown and Exton neighborhoods and homes that interest you the most. In addition, I can talk about schools, sub-divisions, local market conditions, local culture... anything that is important to you. Remember: As a top Phoenixville, Downingtown and Exton real estate agent, it's my job to know this area inside and out and I want to make your transition as smooth as possible. To get started, fill out the form to request a FREE Phoenixville, Downingtown and Exton, Pennsylvania Relocation Package. I'll send it right out. It's full of useful and important information about this area. You are under no obligation, so you can't go wrong... Are you new to the area? Request a FREE package of Phoenixville, Downingtown and Exton relocation information. It's my job to help! There's no obligation and I promise to respond quickly...
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 does the term ARM stand for?
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| A |
An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
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