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After the Closing
Once you've bought your home, make sure to keep your papers in order and know your rights as a homebuyer.
Tax Breaks
Of course, one of the best parts about buying a home is the tax break you receive from the government. |
What's Deductible?
Interest on your mortgage
Property Taxes (but water or sewer assessment may not be)
Some Closing Costs (including home inspections, appraisals or loan application fees)
Loan points (deductible in the year that you pay them; in a refinance, the points are written off in increments over the term of the loan)
What Is Not Deductible?
Home improvement Expenses
Homeowner and Co-op dues
Insurance Expenses
Note: Be sure to consult with your tax counsel about the tax benefits of owning your home. |
| For free publications from the Internal Revenue Service, call 1-800-TAX-FORM and ask for the following publications:
521 "Moving Expenses"
534 "Depreciation"
541 "Tax Information on Partnerships"
551 "Basis of Assets"
555 "Federal Tax Information on Community Property"
590 "Individual Retirement Arrangements"
908 "Bankruptcy and Other Debt Cancellation"
936 "Home Mortgage Interest Deduction"
Make a File
File all closing and settlement papers, including escrow papers, title report and your purchase and sale agreement. Also file your loan documents, inspection reports and insurance information. |
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Ph. 507-387-1131
113 N. Broad St.
Mankato, MN 56001
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