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I will be happy to recommend Frank!
I have purchased homes on two occasions and sold homes on three occasions with the help of Frank. Frank Zamarelli is by far the best real estate broker with whome I've ever worked with. When it comes time to recommend a real estate broker, I will be happy to recommend Frank.
Betty Amando, Suffolk County, NY
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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 do 84% of homebuyers who use the Internet to search for homes have in common?
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| A |
They use a real estate agent to purchase their home.
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