IRS Tax Deductions from your Mortgage

As tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.

So if you are a procrastinator as is the American-way, remember to plan for some of your Mortgage and Real Estate related tax deductions to save some money this year.

Here are a few places to save:

1) Discount Points - Lender Discount Points are seen by the IRS as pre-paid interest charges. 

2) Pre-paid Interest - your closing statement shows prepaid interest depending on how many days you will be in the property in the month you close.  

3) Pro-rated Property Tax any property tax you pay at the closing table is deductible

4) Origination Points - Broker fees or Points are also considered pre-paid interest.

5) PMI/MIP - Mortgage Insurance on a loan that is over 80% Loan to Value (LTV) is deductible

Where to consult your Accountant for sure:

6) HELOC / Equity Line - interest on your 2nd Mortgage or Home Equity Line of Credit may be deductible. 

7) Second Home - this is a grey area.  Your accountant knows the rules on deducting mortgage interest on 2nd home mortgages.

8) Depreciation - Investment properties only!!  !

My Professional Advice:

You have your closing package from when you closed your property neatly filed away, right? (nudge nudge)

Get it out and take it with you when you visit your tax preparation specialist or CPA.  Make sure to have your Accountant review your closing statement and IRS Form 1098 that you will receive from your lender in the mail.

Your accountant will then make sure you get credit for all your deductions.

To get the full article, follow this link -o-> Florida Mortgage | IRS Tax Savings on your HUD-1

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More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA
TheMortgageGoToGuy!!
Your Source for Residential and Commercial
Mortgage Loans in Florida

The 10 Least Expensive Single Family Homes in Celebration Florida

As of today, on the Mid Florida Regional MLS the 10 Least Expensive Single Family Homes in Celebration Florida are:

Home 1 - 3/2 1388sf, Built in 1999Listed for $ 320,000

has been on the market for 384 CDOM

Home 2 - 3/2.5 1648sf, Built in 1998Listed for $ 336,000

has been on the market for 12 CDOM

Home 3 - 3/2.5 1636sf, Built in 1998Listed for $ 355,000

has been on the market for 42 CDOM

Home 4 - 3/2 1416sf, Built in 2003Listed for $ 375,000

has been on the market for 393 CDOM

Home 5 - 3/2 1289sf, Built in 2003Listed for $ 379,000

has been on the market for 111 CDOM

Home 6 - 3/2.5 2056sf, Built in 1997Listed for $ 379,900

has been on the market for 128 CDOM

Home 7 - 4/2.5 1924sf, Built in 1998Listed for $ 382,000

has been on the market for 104 CDOM

Home 8 - 3/2.5 1720sf, Built in 1999Listed for $ 389,900

has been on the market for 163 CDOM

Home 9 - 3/2 1416sf, Built in 2000Listed for $ 399,000

has been on the market for 96 CDOM

Home 10 - 3/2 1416sf, Built in 2000Listed for $ 405,000
has been on the market for 131 CDOM

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This information about Celebration Florida is provided by:


Colleen Kulikowski, Realtor
Orlando Avenue Top Team
Keller Williams at Celebration
(407) 288-0017

Celebration Florida ~ 4th of July Events

The annual 4th of July parade will begin at 9:00am and will work its way through the Town Center. The theme this year is "Rockin in the Yesteryears"! Come dressed in your best 80's clothes -- there is a costume contest!

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Event opens at 5:00pm

5:00pm - 8:00pm Radio Disney Kids Zone

7:00pm - Rock 535 performs on the Kids Zone Stage

7:30pm - 80's Costume Contest

8:00pm - A Flock of Seagulls

9:00pm - Noteable Success (Lakeside Park)

9:30pm - 10:00pm - Fireworks

Celebration Florida | For Sale By Yourself?

Selling your Celebration Florida home by yourself there are many things that you have to think about. Many of these things that the Orlando Avenue Top Team takes care of for our sellers in Celebration Florida:

• Effective pricing of your Celebration Florida property. The market changes rapidly, a good Realtor is abreast of the changes and what will affect your listing price. These things can change daily in Celebration Florida.
  
• Home Buyers in the Celebration Florida are well educated with access to public records. They do a considerable amount of research and will pass over an over priced listing.
• Are you prepared to do the negotiating with the buyers? Sometimes there are personal emotions that get in the way - a good realtor is an excellent buffer for you.
• Do you know where to advertise in Celebration? What advertising is most effective?
  
• Are you prepared to miss potential Celebration Florida buyers by not being listed in the Multiple Listing Service.
• Are you providing lots of photos and visual tours on your website for your Celebration Florida listing? What is the page rank of your website? In Google Searches is your website coming up on page one? 80% of buyers start their search on the Internet
• What about your personal security? Strangers coming to your home going through and you have no idea who they are or if they are just looking for an easy target?
• How are you going to handle showings? Especially those last moment. If you use a Realtor we have systems in place to ensure you won't miss a showing!
• Qualifying potential buyers, handling paperwork, ensuring that deadlines are kept.

Call the Orlando Avenue Top Team today for more information on how we can assist you in getting your Celebration Florida home SOLD!

Colleen Kulikowski, Realtor
Orlando Avenue Top Team
Keller Williams at Celebration
(407) 288-0017