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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Tom Pendergast
Prudential Bob Yost- Homesale Services
1680 Kenneth Road
York, PA. 17408
Cell Phone: 717-880-2111
Office: 717-793-9678
Direct Number: 717-718-8550
Fax: 717-718-4087
Email: tpendergast@talktotom.com

Tom Pendergast was voted Best Realtor in York County by the readers of the York Newspaper and www.inyork.com. Tom has a team of 7 professionals to serve both buyers and sellers. His team has combined experience of over 100 years and rate in the top 250 of all Realtors Nationwide.

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Homes for Sale in York, Pa
Real Estate York, Pa
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