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Eileen M. Day realtor ~~
DEDUCTIBLE CLOSING COSTS
There are always expenses connected with the sale of real estate over and above the selling price. These are known as closing costs. Some of these are deductible from your income tax—others are not.
Property taxes are usually prorated so that both the buyer and seller each pay the taxes for the portion of the year that each owned the property. Each may deduct this amount—and only this amount— even though one or the other pays the entire amount.
Another deductible item that appears in closing costs, is interest charged to you on the mortgage up to the date of closing. Also deductible as interest is the amount charged as points—provided they are charged as a premium for the loasn of the money—not when charged for services.
Non-deductible closing expenses are fire insurance, FHA mortgage insurance, and charges for rent for occupancy before closing.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House. Washington, Va. 22747. Phone 675-3003. We’re here to help.
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