Are closing costs tax deductable?
470879
Points, mortage interest and real estate taxes are deductible and should be reported to you by your mortgage company.\n\nFees such as document processing fees are not deductible, but you are able to add them to your basis if you have a capital gain on the sale of your house.  I would not worry too much about computing the basis of your house purchase(since there is a 250/500 K exclusion), but I would keep the documentation so I had it just in case you need to compute it.\n\nHOA fees might be included in your closing costs and are never deductible(or added to the deduction) because it is an expense for your benefit.
539420
Any profit you earn from renting or selling the property will be taxable to you.  If you rent the property, you can deduct depreciation as well as operating expenses from the rental income.  If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost.  \n\nIn addition, you may owe real estate taxes to the state or local government.\n\nConsult a tax preparer or accountant for details.
84579
Standard form 1040, and yes...loss of sale of any asset is deductable.
1118886
In most places taxes and interest paid is deductable
1175603
Anything related to the operation of your business can be deducted as a tax write off.\n\nFrom the book "422 Tax Deductions for Businesses and Self Employed Individuals" by Bernard Kamoroff, here are some things you can deduct:\n\naccountants\nadvances paid to contractors, vendors, professionals etc\nadvertising and promotional expenses\nadvertising\nallowance for bad debts\nalarm systems for your business\nanswering service fees\nassessments of local governments for repair of water lines, etc\nappraisal fees to determine amount of loss\nassets\nassociation dues\naudit \nautomobiles used for business\nattorney fees\nATM fees\nawards to employees\nbad checks\nbad debts\nbank charges\nbarter transactions\nbenefits of employees\nbillboard rentals\nbooks\n\nAnd a lot more. I suggest you get a copy of this book to learn what you can write off come tax time\n\nCheck with the IRS rules governing tax deductions, especially assets and depreciation
1012360
I am not an accountant, but HOA fees are not typically deductible. One possible exception is if you are taking a home office deduction, and in that case, a portion of your HOA fees could be deducted along with a portion of insurance, utilities, and other home-related expenses, based on the portion of your home that is used exclusively for business purposes.
260196
Amount paid for real estate is your tax basis, original cost per ESCROW, plus closing costs, commissions, etc.  Your depreciation amounts is based on your purchase price.  Separation between land (not depreciable) and improvements is another question?  Tax assessor split is an indication of basis in improvements to depreciate.
23075
There is usually a percentage of expenses that can be deducted for a home office. There are federal guidelines that have to be followed. The accounting method will also have some impact on the method used to determine what and how much can be used. it is far to vast of a question for a forum and you should seek guidance from a licensed tax attorney or CPA tax specialist.
827260
Debt - Interest payments are tax deductable\nEquity - Dividend payments are not tax deductable
896648
Closing costs are expenses incurred in the transfer of real estate in addition to the purchase price; for example, the appraisal fee, title insurance, broker's commission, and documentary transfer tax.
60889
First you want to consult with your CPA or tax preparer over any possible tax consequence.\n\nOtherwise, you can buy a new home with the proceeds from the sale of your old just as if it were any other transaction.  You will still have closing costs as related to the escrow/attorney service and transfer fees and whatnot, but you wouldn't *have* to have a mortgage, provided you have enough money to buy it outright.\n\nOnce your house is sold, your escrow company will either provide you a check for the amount of sales price minus fees, or they can wire those funds directly to your bank account (for a fee, of course), or can wire those proceeds to the escrow company for your new purchase, if you've already selected one.\n\nMake sure you are up-front with your agent when buying a new home if you are buying it with the proceeds from your old one, that way he/she can add provisions to the contract in the event the house you're selling falls out.\n\nBetween advice from your tax preparer and your real estate agent, you should be okay.\n\nDon't forgit, an "all cash offer" is attractive to a prospective seller.  Use it to your benefit.
649420
Some closing costs are set fees based on actual charges by third parties (appraisal, title work, survey, etc.).\n\nOther closing costs are lender fees.  This can vary from a few hundred dollars, to a few thousand.  You can get screwed here.  Watch the broker, processing, underwriting, origination, discount fees - or any other fee that sounds like it is paid to the lender.\n\nLenders consider if you have enough money for the down payment and closing costs.  The fees should not increase simply because you have money to pay them.\n\nAsk a couple other lenders for Good Faith Estimates.  They should be able to provide this without pulling your credit.  Then you could compare both the rate and fees.
193844
Instead of Depreciation you expenses you can take a Section 179. Property eligible for the 179 expenses deduction is generally new or used tangible personal property (usually equipment or office furniture) purchased for use in a trade or business.\nCertain depreciable property is not eligible for the 179 expense deduction. Such nonqualified property includes\nreal property\nfurnishing for rental lodging\nheating units\nair conditioning units
693250
Your REALTOR should be advising you on thie.  I know here in PA that would not be reasonable at all.  Houses in that price range are selling immediately for full price or more.  If you wanted the seller to pay your closing costs you would have to offer more than full price.
85232
No.  It is a personal use vacation home.  The good of selling your home is the gain on primary residences are not taxed...the bad is losses are not deductible.
139122
There isn't specifically a "tax break" for a first time homeowner.  You do get to deduct your mortgage interest.  As far as moving, if you pass the checklist of questions, you should be able to deduct the specific items that the IRS will allow, i.e. mileage, and moving expenses if it was for your job.
297052
When you buy a house, you pay closing fees, which could be .5% to 7% of your actual mortgage. This money you can deduct from your taxes.