Home Mortgage – DougFreemanCPA.com

Can homeowners deduct seller-paid points as the real estate market improves?

(NAR) National Association of Realtors, Federal Taxes, Home Mortgage, Individual Tax Tips, Mortgage loans, Real Estate, Tax Tips on Real Estate Purchases / Douglas Freeman

The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. “The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in […]

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House rich but cash poor? Consider a reverse mortgage strategy

Capital Gains, Federal Taxes, Home Equity Conversion Mortgages (HECM), Home Mortgage / Douglas Freeman

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay

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Seller-paid points: Can homeowners deduct them?

Home Mortgage, Itemized Deduction, Real Estate, Tax Considerations of Selling Your Home, Tax Rules for Selling Your Home / Douglas Freeman

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” said NAR Chief Economist Lawrence Yun. However, he added that

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Selling a home: Will you owe tax on the profit?

(NIIT) Net Investment Income Tax, Capital Gains, Home Mortgage, Modified Adjusted Gross Income (MAGI), Tax Record Retention, Vacation Rental / Douglas Freeman

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in

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Homebuyers: Can you deduct seller-paid points?

(NAR) National Association of Realtors, Home Mortgage, Income Tax, Mortgage loans, Tax Deduction / Douglas Freeman

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying

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If you’re selling your home, don’t forget about taxes

Deductions, Documentation, Home Mortgage, Income Tax, Individual Income Tax, Personal Residence, Tax, Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median

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Home is where the tax breaks might be

Deductable Expenses, Deductions, Home Mortgage, Income Tax, Itemized Deduction, Tax Deduction, Tax Savings / Douglas Freeman

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage

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