Real Estate Loan

Deductibility of Real-Estate Loan Refinancing Charges Deductibility of Real-Estate Loan Refinancing Charges By Steven V. Melnik E-mail Story Print Story With interest rates at all-time lows, many Americans are refinancing home loans. Because refinancing transactions usually cost thousands of dollars, it is important to know when refinancing expenditures are deductible. Loans Secured by a Principal Residence The IRC defines a principal residence as where the taxpayer spends the most time during any given taxable year. Consequently, principal residence status can change from year to year. As a general rule, taxpayers can deduct points paid for refinancing principal residence loans. IRC section 461(g) defines many fees as points, but only qualifying points are allowed as a deduction. Qualifying points are usually fees paid to the lender for a loan (see the Sidebar for a list of requirements). Loan application, processing, underwriting, and other fees are not deductible. Revenue Procedure 94-27 allows itemized deductions for qualifying points resulting from the purchase of a principal residence. Points paid for refinancing an existing mortgage, however, cannot be immediately deducted. According to IRC section 461(g), those points are deducted over the life of the new loan. To calculate the portion of those points deductible in any particular year, determine the deductible points for each loan payment and multiply by the number of payments made during that year (per payment amortization). For example, consider an individual who paid $1,800 refinancing qualifying points on a principal residence for a 30-year loan requiring 12 payments per year (a total of 360 payments). The $5 allowable deduction for every loan payment is calculated by dividing $1,800 by 360. Six loan payments during the year would result in a $30 itemized deduction, with unamortized points amounting to $1,770. Multiple Refinancing Activities Remaining refinancing points are generally deductible in the year when a second refinancing occurs with a different lender. In the example above, the remaining $1,770 first-loan points would be deductible that year. If the second refinancing is with the same lender, however, the remaining points and any new qualifying points paid would be deductible over the life of the new loan. Points paid during a refinancing transaction are immediately deductible to the extent the new loan is used to substantially improve a principal residence, assuming the requirements listed in the Sidebar are met. Substantial improvements, such as building an addition to a house, qualify. For example, a $60,000 loan from bank B to refinance bank A’s $40,000 loan and a $20,000 house addition would result in one-third of the newly paid qualifying points being deducted that year. Refinancing of Second or Vacation Homes Some Americans are investing in real estate as an alternative to stocks and bonds. Tax rules applicable to vacation and second homes differ from those for primary residences. Points paid for a purchase, substantial improvement, or refinancing of second and vacation homes are generally deductible over the life of the loan. The per-payment amortization method is applicable. Other refinancing-related expenditures increase the tax basis of the home. Rental Properties and Properties Used in a Trade or Business. When refinancing rental properties and properties used in a trade or business, all ordinary and necessary refinancing expenditures are deductible over the life of the loan. Refinance-related expenditures for rental properties are deductible on line 18, Form 1040, Schedule E; for properties used in a trade or business, expenditures are deducted on Form 1040, Schedule C. Other Deductibility Issues When sellers of real estate pay for points on the buyer’s behalf, they are not allowed to deduct those points, but can reduce sales proceeds. Buyers can deduct those points if the property basis is reduced by the same amount. All other refinancing-related expenditures, such as attorney, appraisal, bank, title, and other fees, are not deductible. They do, however, increase the tax basis of the home to the extent they are not deductible. Points are deductible when a cash-basis taxpayer itemizes deductions. Deductibility can be affected, however, when a taxpayer’s adjusted gross income reaches a certain threshold. (The 2003 threshold is $69,750 for married filing separately returns and $139,500 for all others.) The deductibility of refinancing-related expenditures depends upon the type of property securing the refinanced loan, as well as how the loan proceeds are used. The use of the property must be understood, because properties can be used for more than one tax purpose in any given year. It is important to be familiar with the tax consequences of refinancing transactions in order to derive the maximum benefit. Steven V. Melnik, LLM, JD, CPA , is Professor of Tax Law and Director of Graduate Tax Programs at Bernard M. Baruch College, City University of New York. May 2004 Issue Enlarge Cover Features Regulation of Professions by Interstate Compact 20 Questions onTrust, Medicaid, Insurance, and Asset Transfers Accounting for Stock Option Government Procurement Basics More This Issue | Past Issues Home | Contact | Subscribe | Advertise | Archives | NYSSCPA The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments. ©2005 The CPA Journal. Legal Notices

selling homes and commercial

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Florida Real Estate featuring

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Are you thinking of buying a new construction home? Dan and his team work with builders everyday to bring the finest new houses to market. The Select-A-Home feature allows Dan to provide you with the latest Multiple Listings Service listings by E-mail. Be sure to let him know about any listings you are interested in from your search of the Multiple Listing Service on the Pensacola MLS Search page. Dan's team can also keep you up to date on the latest listings in the Pensacola Real Estate market by enrolling you in their Auto Notification program. Mortgage Assistance The Mortgage Information page has the latest rates and links to local lenders. You can also use the Mortgage Calculator to find out what your buying power can do for you. If you have any realty questions that are not addressed here on this site, please ask. Your personal source of local property information is only a mouse click away! Site Map Selling Your House | Testimonials | Pensicola Featured Properties Buying Your House | MLS Search | Value of Your House | Relocation Information | Links | Free CMA | About Dan Mortgage Information | Mortgage Calculator | SelectAHome New Listing Notification | PreMarket Home Evaluation | Links2 Resources Pace RealEstate Directory Pensacola Realty Directory Perdido Key Real Estate AgentPreview - RealEstate Agents and Realtors LookMLS.com - Pensacola MLS and Multiple Listing Service Directory Relocation Professionals Directory Penscola Network.com Cat Clinic of Pensacola Site Built & Maintained by Dan Gullahorn , 2005 All Rights Reserved.

foreclosure property Top List

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Land For Sale Page

Australia Land For Sale You are on the Australian Trade & Shipping web site www.australiatrade.com.au Local Time | Exchange Rates | Postage | Timetables | Bulletin Boards | Trade Terms | Advertise | Spiritual | Jokes | Holidays | Events | Classifieds Advertise on this site Buy Shelf Space Pay by Credit Card You are on the Land For Sale Page For Sale Farms Homes Houses Resorts Investment Legal Lawyers Solicitors Contracts Real Estate Contracts * Agency * For Sale/Sold * Option to Buy Domains Trade Products Classifieds Shipping Insurance Radio Tourist Land For Sale This page was last updated on Wednesday, 27 October 2004 06:43:37 PM Steel Frame Kit Homes | Eco-Village Houses | Emergency Homes Hello their, I am looking for information about farm/ranch land. I do not have any preference as to the location, but I am biased about the costs associated including cost of development of basic facilities. The basic purpose of this setup is cattle and horse breeding and some organic farming. Keeping these credentials in mind I would like to now what you have to offer in appropriate sized parcels of land. Thank you in advance for your indulgence. This inquiry came in 1st August you can send your inquiries by contacting us by clicking the doorman If you wish to list your property with us simply click the doorman and advise what you have, we will charge you a listing fee. SOLD on 28th July 2001 24 acres located in the Brisbane / Gold Coast area, suitable for farm, retreat, resort, 7 minutes to Shopping and Pub, 40 minutes to Brisbane International Airport: A$ 5000.00 per acre BUY through celestial@australiatrade.com.au use our Australian lawyers domain, click to Contract For Sale on Real Estate SOLD on 15th September 2001 31 clear mostly flat land located in Qld on NSW border, used for home stay accommodation, 2 titles, 2 houses,1 1/2 hours to either Brisbane or Gold Coast walk in walk out, power, phone A$520,000.00 see Farms for Sale Sold We have Two (2) quality blocks of Land For Sale in Brisbane, Queensland. Quick access to the Gold Coast, Brisbane & Airport Shailer park & Kimberley park are very close to * leading private & public schools * the largest shopping centre in Australia * 4 major Golf courses * boating paradise on Moreton Bay * mountain retreats * tertiary education, university, tafe college * hospital & sporting facilities * child care centres Lot 579 Lissadell St Shailer Park 1480 Square metres Sold Lot 576 Lamboo Court Shailer Park 1490 Square metres SOLD Lot 382 Ribwort Court Kimberley Park 1222 Square metres Sold In Australia we can offer our land for sale on a conditional contract....that is subject to finance, inspections Plus we can give you a discount for a cash sale if contact is unconditional on a 14, 21, 30 day settlement with solicitors. Statistics World location 153 deg East 27.5 deg South Average daily temp Summer 32 degrees celsius Winter 17 degrees celsius Sunshine averages Winter Seven ( 7 ) hours per day Business Hours Banks Monday to Thursday 9.30 am - 4 pm Friday 9.30 am - 5 pm Post offices Monday to Friday 9 am - 5 pm Shopping Monday to Friday 8.30 am - 5 pm Saturday 8.30 am to 4 pm Celestial Industries pty ltd Monday to Friday 9 am to 5 pm Email: land@australiatrade.com.au Celestial Industries 5 Bates Street Springwood P.O Box 732 Springwood Brisbane Qld 4127 Australia Phone: intl ( 61+7) 3808 1200 Fax: intl ( 61+7) 3290 2481