When buying a home, if the seller pays for buying back points for buyer, can the buyer still tax-deduct them? Or will the seller be able to tax-deduct them?
2006-11-17 10:50:24 · 3 answers · asked by jenhangla 1 in Business & Finance ➔ Renting & Real Estate
You can only tax deduct the items in your settlement statements. ie. escrow and title fees, origination fees. etc...
2006-11-17 10:55:21 · answer #1 · answered by rmijares 2 · 0⤊ 0⤋
If the factors have been $4000, your value foundation drops with the help of $4000 and additionally then you definately look on the different checks. the undertaking is that not one of the $4000 could join your man or woman loan. in case you meet this attempt, then you definately can theoretically deduct the factors. even regardless of the undeniable fact that, while you're single, what does your time table a entire as much as? in case you do no longer itemize, you may declare $5700 if single, plus as much as $500 in real property taxes you paid for the time of 2009. if your time table A is below that, you only isn't itemizing besides and you may declare the factors over the life of the deepest loan.
2016-12-29 04:22:47 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes, this was a change in the law a number of years ago
2006-11-17 10:59:59 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋