TAX SEASON HAS ARRIVED...Are you ready???

Real Estate

Upon the close of your real estate transaction you should have received a form titled the "CLOSING STATEMENT" or "CLOSING DISCLOSURE" with your closing documentation. These documents include itemization of all credits and debits for your transaction. This document is of particular importance during tax preparation as some of the the expenses listed may be considered a tax deduction. These potential deductions apply if you have purchase or sold a property in the last year and also apply if you have refinanced a property that is your primary residence. 

 

If you don't have this document, contact me or your Realtor or your escrow officer. They can help get you a copy for free. 

 

Many of the expenses listed on  your closing statement or closing disclosure are referred to as "closing costs". 

SOME OF THESE ITEMS THAT ARE GENERALLY CONSIDERED TO BE A TAX DEDUCTION INCLUDE: 

* ANY OF YOUR PAID REAL ESTATE TAXES

* YOUR PAID LOAN ORIGINATION FEE

* PRIVATE MORTGAGE INSURANCE COSTS

* ANY PREPAID MORTGAGE INTEREST

Items that are generally not considered tax deductible included expenses such as title and escrow fees, real estate commissions, appraisal fees, credit report fees, transfer taxes, etc. It is important to  consult your tax attorney or accountant in order to be certain of our eligible deductions. 

In the meantime, please feel free to conact me for more inforation or to request  our current documentation if you had closed a transation with me in the past. 

Yours, 

Brad Sensenbach...TUCSON'S REAL ESTATE CONNECTION!