Home Mortgage Points The

Tax Topics - Topic 504 Home Mortgage Points Home | Contact IRS | About IRS | Site Map | Español | Help Advanced Search Search Tips IRS Resources Compliance & Enforcement Contact My Local Office e-file Forms and Publications Frequently Asked Questions News Taxpayer Advocacy Where To File Topic 504 - Home Mortgage Points The term "points" is used to describe certain charges paid to obtain a home mortgage. Points may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A (PDF). If you can deduct all of the interest on your mortgages, you may be able to deduct all of the points paid on the mortgage. For information on deducting interest, refer to Topic 505 . You can deduct the points in full in the year they are paid, if all the following requirements are met: Your loan is secured by your main home (your main home is the one you live in most of the time). Paying points is an established business practice in your area. The points paid were not more than the amount generally charged in that area. You use the cash method of accounting. This means you report income in the year you receive it and deduct expenses in the year you pay them. The points were not paid for items that usually are separately stated on the settlement sheet such as appraisal fees, inspection fees, title fees, attorney fees, or property taxes. You provided funds at or before closing, that were at least as much as the points charged, not counting points paid by the seller. You cannot have borrowed the funds from your lender or mortgage broker in order to pay the points. You use your loan to buy or build your main home. The points were computed as a percentage of the principal amount of the mortgage, and The amount is clearly shown on your settlement statement. Points that do not meet these requirements may be deductible over the life of the loan. Points paid for refinancing generally can only be deducted over the life of the new mortgage. However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first six requirements stated previously, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. Points charged for specific services, such as preparation costs for a mortgage note, appraisal fees or notary fees are not interest and cannot be deducted. Points paid by the seller of a home cannot be deducted as interest on the seller's return, they are a selling expense which will reduce the amount of gain realized. Points paid by the seller may be deducted by the buyer provided the buyer subtracts the amount from the basis, or cost, of the residence. Points you pay on loans secured by your second home, can be deducted only over the life of the loan. You may be subject to a limit on some of your itemized deductions, including points, for more information on the adjusted gross income limitations please refer to the Form 1040 Instructions. For more information on points, refer to Publication 936 , Home Mortgage Interest Deduction. More Tax Topic Categories Accessibility | FirstGov.gov | Freedom of Information Act | Important Links | IRS Privacy Policy | U.S. Treasury

home equity loans Average

NYS Banking Department-Home Equity Loans Survey Interest Rate Information Home Equity Loans Markets Albany Buffalo Long Island New York Metro Rochester Syracuse Westchester Co, NY Definition of terms used in this survey New York State home equity loans Average Highest Lowest 7.31 8.50 5.50 Albany Institution Telephone Date Rate Fees and Conditions Bank of America, NA 800-299-2265 12/23/05 8.45 .25% disc w/auto debit; $5,000 min Central National Bank 800-449-6842 12/23/05 7.00 .50% disc w/auto debit; $7,500 min Citibank 800-627-3999 12/23/05 7.40 .25% disc w/auto debit; $25,000 min Citizens Bank, N.A. 800-922-9999 12/23/05 6.35 $10,000 min First Niagara Bank 518-270-3200 12/23/05 6.75 .25% disc w/auto debit; $340 fee; $10,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min KeyBank 888-KEY-1234 12/23/05 7.14 Range: 7.14-8.94%; .25% disc w/auto debit; $99 fee; $5,000 min M&T Bank 800-724-2440 12/23/05 7.74 .25% disc w/auto debit; $15,000 min Pioneer Savings Bank 518-274-4800 12/23/05 6.00 $50 fee; $2,500 min TrustCo Bank 518-436-9043 12/23/05 7.00 $5,000 min Buffalo Institution Telephone Date Rate Fees and Conditions Bank of Akron 716-542-5401 12/23/05 6.25 $500 fee; no min Bank of America 800-299-2265 12/23/05 8.45 .25% disc w/auto debit; $5,000 min Chase Bank 800-CHA-SE24 12/23/05 7.75 Range: 7.75-10.45%; .25% disc w/auto debit; $5,000 min Citibank 800-627-3999 12/23/05 7.40 .25% disc w/auto debit; $25,000 min Citizens Bank, N.A. 800-922-9999 12/23/05 6.35 $10,000 min Evans National Bank 716-549-6000 12/23/05 6.50 .25% disc w/auto debit; $7,500 min First Niagara Bank 877-722-9842 12/23/05 6.75 .25% disc w/auto debit; $340 fee; $10,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min KeyBank 888-KEY-1234 12/23/05 7.14 Range: 7.14-8.94%; .25% disc w/auto debit; $99 fee; $5,000 min M&T Bank 800-724-2440 12/23/05 7.74 .25% disc w/auto debit; $15,000 min Long Island Institution Telephone Date Rate Fees and Conditions Astoria Federal S&LA 800-278-6742 12/23/05 7.63 .25% disc w/auto debit; $20 yrly fee; $10,000 min Bank of America 800-299-2265 12/23/05 8.45 .25% disc w/auto debit; $5,000 min Bank of New York 212-495-1784 12/23/05 6.25 $10,000 min Chase Bank 800-CHA-SE24 12/23/05 7.75 Range: 7.75-10.45%; .25% disc w/auto debit; $5,000 min Citibank 800-321-2484 12/23/05 7.40 .25% disc w/auto debit; $25,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min M&T Bank 800-724-2440 12/23/05 7.74 .25% disc w/auto debit; $15,000 min Ridgewood Svgs Bk 718-240-4800 12/23/05 6.00 .50% disc w/auto debit; no min Suffolk County NB of Riverhead 631-208-2222 12/23/05 6.75 $5,000 min Washington Mutual Bank 800-788-7000 12/23/05 8.50 .13% disc w/auto debit; $10,000 min New York Metro Institution Telephone Date Rate Fees and Conditions Astoria Federal S&LA 800-278-6742 12/23/05 7.63 .25% disc w/auto debit; $20 yrly fee; $10,000 min Bank of New York 212-495-1784 12/23/05 6.25 $10,000 min Chase Bank 800-CHA-SE24 12/23/05 7.75 Range: 7.75-10.45%; .25% disc w/auto debit; $5,000 min Citibank 800-321-2484 12/23/05 7.40 .25% disc w/auto debit; $25,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min Independence Community Bank 800-732-3434 12/23/05 6.49 .25% disc w/auto debit; $10,000 min Queens County Svgs Bk 718-268-6801 12/23/05 7.99 Range: 7.99-10.99%; $600-1000 fee; $10,000 min Union State Bank 800-887-8775 12/23/05 6.25 1.50% disc w/auto debit; $100 refundable app. fee; $5,000 min Wachovia Bank, NA 800-922-4684 12/23/05 6.84 Range: 6.84-8.00%; $150 fee; $8,000 min Washington Mutual Bank 800-788-7000 12/23/05 8.50 .13% disc w/auto debit; $10,000 min Rochester Institution Telephone Date Rate Fees and Conditions Bank of America, NA 800-299-2265 12/23/05 8.45 .25% disc w/auto debit; $5,000 min Chase Bank 800-CHA-SE24 12/23/05 7.75 Range: 7.75-10.45%; .25% disc w/auto debit; $5,000 min Citibank 800-627-3999 12/23/05 7.40 .25% disc w/auto debit; $25,000 min Citizens Bank, N.A. 800-922-9999 12/23/05 6.35 $10,000 min Community Bank, N.A. 800-388-4679 12/23/05 5.50 no auto debit offered 25000 min First Niagara Bank 716-434-6621 12/23/05 6.75 .25% disc w/auto debit; $340 fee; $10,000 min Five Star Bank 888-624-2300 12/23/05 5.99 .25% disc w/auto debit; $10,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min KeyBank 888-KEY-1234 12/23/05 7.14 Range: 7.14-8.94%; .25% disc w/auto debit; $99 fee; $5,000 min M&T Bank 800-724-2440 12/23/05 7.74 .25% disc w/auto debit; $15,000 min Syracuse Institution Telephone Date Rate Fees and Conditions Alliance Bank 800-310-6275 12/23/05 6.75 $5,000 min Bank of America, NA 800-299-2265 12/23/05 8.45 .25% disc w/auto debit; $5,000 min Chase Bank 800-CHA-SE24 12/23/05 7.75 Range: 7.75-10.45%; .25% disc w/auto debit; $5,000 min First Niagara Bank 877-722-9842 12/23/05 6.75 .25% disc w/auto debit; $340 fee; $10,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min KeyBank 888-KEY-1234 12/23/05 7.14 Range: 7.14-8.94%; .25% disc w/auto debit; $99 fee; $5,000 min M&T Bank 800-724-2440 12/23/05 7.74 .25% disc w/auto debit; $15,000 min Partners Trust Bank 866-777-8659 12/23/05 6.99 .50% disc w/auto debit; $7,500 min Solvay Bank 315-468-1661 12/23/05 6.37 $2,500 min The Oneida Savings Bank 315-363-2000 12/23/05 6.50 .25% disc w/auto debit; $7,500 min Westchester, Co Institution Telephone Date Rate Fees and Conditions Astoria Federal S&LA 800-278-6742 12/23/05 7.63 .25% disc w/auto debit; $20 yrly fee; $10,000 min Bank of America, NA 800-299-2265 12/23/05 8.45 .25% disc w/auto debit; $5,000 min Bank of New York 212-495-1784 12/23/05 6.25 $10,000 min Chase Bank 800-CHA-SE24 12/23/05 7.75 Range: 7.75-10.45%; .25% disc w/auto debit; $5,000 min Citibank 800-321-2484 12/23/05 7.40 .25% disc w/auto debit; $25,000 min First Niagara Bank 877-722-9842 12/23/05 6.75 .25% disc w/auto debit; $340 fee; $10,000 min HSBC Bank USA 800-975-HSBC 12/23/05 8.38 $10,000 min Union State Bank 800-887-8775 12/23/05 6.25 1.50% disc w/auto debit; $100 refundable app. fee; $5,000 min Wachovia Bank, NA 800-922-4684 12/23/05 6.84 Range: 6.84-8.00%; $150 fee; $8,000 min Washington Mutual Bank 800-788-7000 12/23/05 8.50 .13% disc w/auto debit; $10,000 min Rates are subject to change without notice and may vary from branch to branch. Although the rates reported here have been obtained from the financial institutions themselves, the accuracy of the information cannot be guaranteed by the publisher. 2005: Bankrate.com All rights reserved. | Home | Search | SiteMap | | Interest Rates | | Credit Cards | MortgageRates | Home Equity Lines of Credit | | Home Equity Loans | New Auto Loans | Used Auto Loans | Last Modified Friday, December 23, 2005 FastCounter by bCentral

Investment Property With full

Property Investment UK Capital Gains Tax Inheritance Tax Corporation Tax Property Tax Tax Advice Property Investment UK Click here to view the entire range Property Investment Guides Here you will find our unique range of UK property investment guides written by leading experts and packed with tips and tricks of the trade. Property Investment Strategy Workshop Save thousands in property seminar fees with this comprehensive "property workshop in a book". Click here Off-Plan Property Investment This unique new book tells you everything you need to know about investing in off-plan and new-build property. Click here How to Avoid Property Tax This unique and comprehensive guide is essential reading if you want to protect your property profits and income from the taxman. It contains vital information for buy-to-let landlords and those climbing the property ladder. Click here Using a Property Company to Save Tax Currently a "hot topic" for those putting money into property, this guide shows how you can boost your rental income by almost 34% by setting up your own property company. Click here How to Avoid Stamp Duty This guide shows you how to use little known but perfectly legal trade secrets to reduce your stamp duty bill when buying or selling property. Click here Property Capital Gains Tax Calculator This powerful piece of software will calculate in seconds the capital gains tax payable when you sell a property. Click here Insider's Guide to Property Investment Little-known secrets of successful property investors. A "must read" for anyone interested in making big profits and avoiding costly mistakes. Click here Insider's Guide to Property Investment - Part II How the experts make millions by using simple but clever techniques to find, buy, manage and sell property. Click here Property Profit Manager This fantastic spreadsheet programme will help you calculate the annual rental profit or sale profit of any property within minutes. Click here 63 Common Defects in Investment Property With full colour illustrations, this unique guide will save you thousands by steering you clear of no-hope property investments and towards bargain-priced gems. Click here -- As Featured in... THE SUNDAY TIMES BBC RADIO THE GUARDIAN and others.... © Taxcafe UK Limited 1999-2005 Affiliate Programme | UK Tax | Links | Contact Us | Disclaimer

Sell House

A checklist for selling a house Geta Free Home Valuation Now Checklist for Selling a House Selling a house can be a very involved process.By keeping track of your progress with this checklist, you can eliminate many of the pitfalls, time delays andaggravations that can erupt at any time during the house selling period. Bookmark this page so that you can returnto it frequently and maintain control over the experience. House Selling Checklist Be an informed seller. There is a lot of information on this Web Site thatwill assist you and links to much more information. Numerous guides are available on specific subjects. (See "RecommendedReading" at the bottom of many pages). The Bookstore also has a number of recommended resources. Gather as much information as youcan to increase your effectiveness. Decide whether it is to your advantage to sell your house with an Agent or on your own . If you decide togo with an Agency, find an Agent in whom you can have confidence. Click here to choose an Agent in your area .You can compare backgrounds, experience, commissions and more. More information . Familiarize yourself on how to price your house . Pulling a price "outof the air" is almost never successful. If you would like comparable sales prices in your neighborhood, HomePrice.net can give you a report with up to 30 comparable sales, plus a neighborhood demographicprofile, nearby home owners and more. Or, HomeGain.com has a FREE servicewhich is designed to help you get an estimate of your home's value. Knowing how much your home can be worth isone of the first steps in beginning to market the property. Click here for more information. Know what you canand cannot change about your house . This allows you to concentrateon those items that bring the highest rewards. Spend time on the housepreparation phase --it will probably be the most productive timeyou can spend! For tax purposes, develop a record of all home improvements madeto your house. Decide whether or not to do a pre-listing house inspection . Have a yardsale before you list. Sell, donate, or trash everything you don't need. Decide whether you want to offer a Home Warranty with your house. Get familiar with financing options. Be at least as knowledgeable as your buyers. Develop an effective advertisingand marketing plan on your own or with your Agent. If you areselling on your own, ForSale by Owner has a complete menu of services that are available. More information . Know how to best showyour home . When it is time to negotiate, learn how to deal with offers and familiarize yourselfwith contracts . If you need to review an example of purchase offers, you can find forms for all statesat a reasonable price at FindLegalForms.com . Looking to buy another home? Check out our Home Buyer's Information Center before youbuy another home. You'll find hundreds of helpful hints and tips from the Buyer's perspective. Make moving plans early. Don't wait until the last minute! Know what is involved at closingand settlement . Smile and breathe a sigh of relief: It's over! HOME | Checklist | To-Do Lists | Set a Value | By Owner | With anAgent Preparation | Showtime | Research | More Links FreeHome Value Estimate Sell on Your Own CompareAgents. No Cost, No Obligation

Real Estate Broker

BuyMyself - Canale, IRED Attitude & News Home Directories Int'l Realty US Realty BuyMyself Choosing A Real Estate Agent By Stephen M. Canale, Ann Arbor, Michigan, USA There's a common saying in the real estate industry regarding the vast number of agents in the business: "If you don't have any friends who are agents, then you probably don't have any friends at all." With so many agent out there, how can you make an intelligent decision? Do you choose a friend, neighbor or coworker? Should you work with an agent at a large firm, a small firm, a franchise or an independent? While there's an exception to every rule, and every marketplace has its own nuances, here are some solid rules to apply when you want the best representation to protect your interests. Demand Experience The real estate profession is plagued by high turnover. This creates a workforce that is made up of many newcomers. While there are brand new agents with good intentions, why trust one of the largest investment you'll ever buy or sell to someone without experience? Always look for an agent with at least two years of experience. Anyone still in the business after two years has probably learned at least the fundamentals of real estate. Look for Commitment Another problem we have in the industry is a large number of part time and recreational salespeople. These folks have either retired from some other career, work in real estate seasonally or are earning a second income for the family and honestly don't need to work full time. No matter how long they have been in real estate, their lack of full-time commitment makes it impossible for them to keep up with the vast changes in law, marketing and business practices that are occurring in the profession today. If an agent isn't working at least thirty hours a week, fifty weeks a year, look for someone else. Consider Education In the majority of states, the requirements for real estate licensing are substantially less than those for cutting hair. In Michigan, for example, all that is required is a forty-hour class and a multiple choice test. You cannot rely on licensing to indicate competence. And, unfortunately, many agent's real estate education ends with their pre-license education. While there are numerous advanced real estate education courses available, the only technical and competence based program available nationwide is the Graduate, REALTORS® Institute (GRI) series, which is administered under the direction of the National Association of REALTORS®. A REALTOR® who completes the fifteen eight-hour modules, and passes examinations, may then use the designation of GRI. While only 15%-20% of agents have earned this accreditation, it should not be too difficult finding a GRI in your marketplace as they will commonly print the designation behind their name in advertising as well as on letterhead and business cards. Conduct Interviews Before you hire an agent to help you buy or sell a home, you should interview at least three agents in person. In order to do this, first get recommendations from friends, family and neighbors. Then look on the web, in homes magazines and the local newspaper to see what kind of marketing the various companies are doing in your area and call a few that impress you. Then make brief fact-finding calls to determine which of the agents on your list are full time, experienced and either hold the GRI designation or are at least working aggressively toward it. You will probably need to call ten to fifteen agents in order to find three that are worth interviewing. The interview itself need not be a formal one. It is simply an opportunity for you to meet the candidate and explain your needs; and to determine whether you would be comfortable working with them. Ask whatever questions you like, or simply explain your goals and listen carefully to what they propose to do for you in meeting your needs. The decision If you follow the suggestions above, you will find that there are excellent agents working for firms both large and small; both franchised and independent. Thus, the real decision must be made based on the competency of the individual agent you will be working with on a day-to-day basis. Stephen M. Canale is President, Broker/Instructor of Acclaim Residential Marketing Ann Arbor, Michigan | IRED Home | Search IRED | © 1995-2005 IRED.Com, Inc All Rights Reserved