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 Community Lending

Fremont Bank - Home Equity Locations Contact Us Fraud Prevention Help Site Map Apply For A Loan Search For Rates Loan Calculator Check Application Status Mortgages Home Equity Community Lending Resource Center Home Equity Need extra cash for remodeling, education or other expenses? Use your home's equity to get more out of life. You can save money and time by consolidating debt such as high interest rate credit cards and installment loans into one lower monthly payment. Through Fremont Bank, you can take advantage of loans with very attractive options, so you can fit your payments to your budget. And our loans offer No Closing Cost options. Home Equity Loans Home Equity Loans are a great way to use the equity in your home for a one-time major purchase. With a home equity loan, you will receive the entire amount of the loan upfront and your interest and payments will be fixed. For more information, please call (866) 359-0168. More Information Home Equity Lines of Credit The PrimeMinus home equity line of credit is like revolving credit where your house is collateral. It allows you to use the equity in your home for debt consolidation, remodeling, or a major purchase at rates lower than most credit cards. More Information Call us at: (866) 997-7359 or Email Us today. Apply Online Ready to apply for a home loan? Applying online is fast and easy. Apply Now PrimeMinus With our PrimeMinus Home Equity Line of Credit, you have access to cash when you need it. Rates always below Prime! More Information PrimeMinus 1st Get more options with our PrimeMinus 1st home equity line of credit - up to 1 1/2% below Prime More Information Home Privacy & Security Terms of Use Locations Contact Us 2005 Fremont Bank. All rights reserved.

sell house Courtney Love

Celeb Gossip Courtney Love: Broke Courtney Love to sell house Search Shop catalog Entertainment Discussion Board Galleries Gaming Sports Bizarre News Mens Fashion Celebrity Gossip Competitions Entertainment News DVD Reviews Movie Reviews Music Reviews Travel Business Health News Mens Lifestyle Top 5 Movie 1. The Chronicles of Narnia: The Lion, The Witch and The Wardrobe 2. Harry Potter and the Globet of Fire 3. Flightplan 4. Keeping Mum 5. The Exorcism of Emily Rose Top 5 Music 1. Eminem - Curtain Call The Hits 2. Robbie Williams - Intensive Care 3. Westlife - Face to Face 4. James Blunt - Back to Bedlam 5. Il Divo - Ancora Broke Courtney Love to sell house Courtney Love is to auction off an historic home she bought eight years ago to pay off her mounting debts. The troubled rocker - who has had a turbulent year battling drug addictions and has repeatedly landed herself in trouble with the law - bought the lavish bungalow for her family in 1997. Love now owes around $367,000 on the property - which is located on 13 acres on land at the edge of Capitol Forest in Arkansas and was built in 1903 - and is set to auction it off in the New Year to cover the outstanding the loan on the home and any legal fees. The bungalow is currently being occupied by Cobain's sister, Kim, according to sheriff's records, according to America's New York Post. All monies raised from the sale will go directly to the WMC Mortgage Corp. of Los Angeles, which filed for foreclosure in the Superior Court this month. ** Article Continues Below ** ** The Courtney Love article continues now ** Earlier this week, it was reported Love wants to sell her rights to the Nirvana back catalogue because she is gong broke. The wild star is on the verge of bankruptcy and is hoping to cash in on the extensive collection of songs - which includes classic tracks 'Smells Like Teen Spirit', 'Come As You Are' and 'All Apologies'. According to a report in America's New York Post newspaper, Love is looking for $100 million for her rights to the music. More Courtney Love News Courtney Love Sells Home Broke Courtney Love to sell house Courtney Love to sell Nirvana rights Courtney Love gropes porn star's boobs Courtney Love's brainy lust Courtney Love in pregnancy riddle Courtney Love's Hospital Sex With Kurt Cobain Courtney Love's cover up Courtney Love Used Aged 4 - Linda Carroll Courtney Love 'Speaking Frances Could Have Saved Kurt' Courtney Love's mother reveals daughter's childhood Courtney Love In New Lawsuit Courtney's lesbian love plea Courtney Love In Danger Of Eviction Courtney Love says the baby is definitely Steve Coogan's Barbie Love Courtney Love Denies Pregnancy Claims Courtney Love Ordered Into Rehab Amid Pregnancy Reports Courtney Love Dating Steve Coogan Courtney Love's parole violation accusations Courtney Love slams Dave Grohl Courney Love Progressing Well Courtney Love rushed to hospital Faint Courtney Love Admitted To Hospital Clean Courtney Love Courtney Love and Jerry Cantrell Collaboration Courtney Love set to play porn actress Courney Love In Legal Deadline Over Unpaid Bills Courtney Love wins back custody of daughter Courtney Love Sells House In Bid To Win Daughters Custody Courtney Love to cover debts with tell all book Courtney Love's vicious attack on a rock singer Love pleads guilty in New York court 1 2 Next For more of today's celebrity gossip click here ** Chat about this at our discussion board MaleFirst.co.uk takes no responsibility for the content or accuracy of stories.The content is licensed from BANG © 2005 and published for the entertainment of our users only.This story does not represent Malefirst.co.uk's opinions nor can we guarantee thatBANG reporting is completely factual. Please address any inquiries regarding the content of this story to BANG Chat with other members | Structure | Lingerie | Womens Chat | Advertise | ShoppingFirst.co.uk | FemaleFirst.co.uk | CoolBriefs.com | Terms & Conditions | About Us | Contact Us Server: web2 2005 Malefirst Division of Play-2-Win Ltd all rights reserved

INVESTMENT PROPERTY HISTORY OF

IAS Plus International Accounting Standards IAS 40, Investment Property Home Site Map Standards Interpretations Agenda Structure Newsletter Resources Countries/Regions Links Search STANDARDS: IAS 40 INVESTMENT PROPERTY HISTORY OF IAS 40 October 1984 Exposure Draft E26 Accounting for Investments March 1986 IAS 25 Accounting for Investments 1 January 1987 Effective Date of IAS 25 December 1999 Exposure Draft E64 Investment Property April 2000 IAS 40 Investment Property superseded those portions of IAS 25 that addressed investment property and withdrew IAS 25 1 January 2001 Effective Date of IAS 40 (2000) 18 December 2003 Revised version of IAS 40 issued by the IASB The summary below reflects the revisions. 1 January 2005 Effective date of IAS 40 (Revised 2003) RELATED INTERPRETATIONS Issues Relating to This Standard that IFRIC Did Not Add to Its Agenda SUMMARY OF IAS 40 Definition of Investment Property Investment property is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. [IAS 40.5] Examples of investment property: [IAS 40.8] Land held for long-term capital appreciation Land held for undecided future use Building leased out under an operating lease Vacant building held to be leased out under an operating lease The following are not investment property and, therefore, are outside the scope of IAS 40: [IAS 40.5 and 40.9] property held for use in the production or supply of goods or services or for administrative purposes; property held for sale in the ordinary course of business or in the process of construction of development for such sale (IAS 2 Inventories); property being constructed or developed on behalf of third parties (IAS 11 Construction Contracts); owner-occupied property (IAS 16 Property, Plant and Equipment), including property held for future use as owner-occupied property, property held for future development and subsequent use as owner-occupied property, property occupied by employees and owner-occupied property awaiting disposal; property that is being constructed of developed for use as an investment property (IAS 16 applies to such property until construction or development is complete). However, IAS 40 does apply to existing investment property that is being redeveloped for continuing use as investment property; and property leased to another entity under an finance lease. Other Classification Issues Property held under an operating lease. A property interest that is held by a lessee under an operating lease may be classified and accounted for as investment property provided that: [IAS 40.6] the rest of the definition of investment property is met; the operating lease is accounted for as if it were a finance lease in accordance with IAS 17 Leases; and the lessee uses the fair value model set out in this Standard for the asset recognised. An entity may make the foregoing classification on a property-by-property basis. Partial own use. If the owner uses part of the property for its own use, and part to earn rentals or for capital appreciation, and the portions can be sold or leased out separately, they are accounted for separately. Therefore the part that is rented out is investment property. If the portions cannot be sold or leased out separately, the property is investment property only if the owner-occupied portion is insignificant. [IAS 40.10] Ancillary services. If the enterprise provides ancillary services to the occupants of a property held by the enterprise, the appropriateness of classification as investment property is determined by the significance of the services provided. If those services are a relatively insignificant component of the arrangement as a whole (for instance, the building owner supplies security and maintenance services to the lessees), then the enterprise may treat the property as investment property. Where the services provided are more significant (such as in the case of an owner-managed hotel), the property should be classified as owner-occupied. [IAS 40.11] Intracompany rentals. Property rented to a parent, subsidiary, or fellow subsidiary is not investment property in consolidated financial statements that include both the lessor and the lessee, because the property is owner-occupied from the perspective of the group. However, such property could qualify as investment property in the separate financial statements of the lessor, if the definition of investment property is otherwise met. [IAS 40.15] Recognition Investment property should be recognised as an asset when it is probable that the future economic benefits that are associated with the property will flow to the enterprise, and the cost of the property can be reliably measured. [IAS 40.16] Initial measurement Investment property is initially measured at cost, including transaction costs. Such cost should not include start-up costs, abnormal waste, or initial operating losses incurred before the investment property achieves the planned level of occupancy. [IAS 40.20 and 40.23] Measurement subsequent to initial recognition IAS 40 permits enterprises to choose between: [IAS 40.30] a fair value model; and a cost model. One method must be adopted for all of an entity's investment property. Change is permitted only if this results in a more appropriate presentation. IAS 40 notes that this is highly unlikely for a change from a fair value model to a cost model. Fair value model Investment property is remeasured at fair value, which is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction. Gains or losses arising from changes in the fair value of investment property must be included in net profit or loss for the period in which it arises. [IAS 40.35] Fair value should reflect the actual market state and circumstances as of the balance sheet date. [IAS 40.38] The best evidence of fair value is normally given by current prices on an active market for similar property in the same location and condition and subject to similar lease and other contracts. [IAS 40.45] In the absence of such information, the entitymay consider current prices for properties of a different nature or subject to different conditions, recent prices on less active markets with adjustments to reflect changes in economic conditions, and discounted cash flow projections based on reliable estimates of future cash flows. [IAS 40.46] There is a rebuttable presumption that the enterprise will be able to determine the fair value of an investment property reliably on a continuing basis. However, if, in exceptional circumstances, an entity follows the fair value model but at acquisition concludes that a property's fair value is not expected to be reliably measurable on a continuing basis, the property is accounted for in accordance with the benchmark treatment under IAS 16 , Property, Plant and Equipment (cost less accumulated depreciation less accumulated impairment losses). [IAS 40.53] Where a property has previously been measured at fair value, it should continue to be measured at fair value until disposal, even if comparable market transactions become less frequent or market prices become less readily available. [IAS 40.55] Cost Model After initial recognition, investment property is accounted for in accordance with the cost model as set out in IAS 16 , Property, Plant and Equipment – cost less accumulated depreciation and less accumulated impairment losses. [IAS 40.56] Transfers to or from Investment Property Classification Transfers to, or from, investment property should only be made when there is a change in use, evidenced by: [IAS 40.57] commencement of owner-occupation (transfer from investment property to owner-occupied property); commencement of development with a view to sale (transfer from investment property to inventories); end of owner-occupation (transfer from owner-occupied property to investment property); commencement of an operating lease to another party (transfer from inventories to investment property); or end of construction or development (transfer from property in the course of construction/development to investment property. When an enterprise decides to sell an investment property without development, the property is not reclassified as investment property but is dealt with as investment property until it is disposed of. The following rules apply for accounting for transfers between categories: for a transfer from investment property carried at fair value to owner-occupied property or inventories, the fair value at the change of use is the 'cost' of the property under its new classification; [IAS 40.60] for a transfer from owner-occupied property to investment property carried at fair value, IAS 16 should be applied up to the date of reclassification. Any difference arising between the carrying amount under IAS 16 at that date and the fair value is dealt with as a revaluation under IAS 16; [IAS 40.61] for a transfer from inventories to investment property at fair value, any difference between the fair value at the date of transfer and it previous carrying amount should be recognised in net profit or loss for the period; [IAS 40.63] and when an entity completes construction/development of an investment property that will be carried at fair value, any difference between the fair value at the date of transfer and the previous carrying amount should be recognised in net profit or loss for the period. [IAS 40.65] When an entity uses the cost model for investment property, transfers between categories do not change the carrying amount of the property transferred, and they do not change the cost of the property for measurement or disclosure purposes. Disposal An investment property should be derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal should be calculated as the difference between the net disposal proceeds and the carrying amount of the asset and should be recognised as income or expense in the income statement. [IAS 40.66 and 40.69] Compensation from third parties is recognised when it becomes receivable. [IAS 40.72] Disclosure Both Fair Value Model and Cost Model [IAS 40.75] whether the fair value or the cost model is used; if the fair value model is used, whether property interests held under operating leases are classified and accounted for as investment property; if classification is difficult, the criteria to distinguish investment property from owner-occupied property and from property held for sale. the methods and significant assumptions applied in determining the fair value of investment property. the extent to which the fair value of investment property is based on a valuation by a qualified independent valuer; if there has been no such valuation, that fact must be disclosed. the amounts recognised in profit or loss for: rental income from investment property; direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the period; and direct operating expenses (including repairs and maintenance) arising from investment property that did not generate rental income during the period. restrictions on the realisability of investment property or the remittance of income and proceeds of disposal. contractual obligations to purchase, construct, or develop investment property or for repairs, maintenance or enhancements. Additional Disclosures for the Fair Value Model [IAS 40.76] a reconciliation between the carrying amounts of investment property at the beginning and end of the period, showing additions, disposals, fair value adjustments, net foreign exchange differences, transfers to and from inventories and owner-occupied property, and other changes. significant adjustments to an outside valuation (if any) if an entity that otherwise uses the fair value model measures an item of investment property using the cost model, certain additional disclosures are required. Additional Disclosures for the Cost Model [IAS 40.79] the depreciation methods used; the useful lives or the depreciation rates used; the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period; a reconciliation of the carrying amount of investment property at the beginning and end of the period, showing additions, disposals, depreciation, impairment recognised or reversed, foreign exchange differences, transfers to and from inventories and owner-occupied property, and other changes; the fair value of investment property. If the fair value of an item of investment property cannot be measured reliably, additional disclosures are required, including, if possible, the range of estimates within which fair value is highly likely to lie.

Land for Sale at

1 Square Inch of Land for Sale at $1,500 NEWS | OPINIONS | SPORTS | ARTS & LIVING | Discussions | Photos & Video | City Guide | CLASSIFIEDS | JOBS | CARS | REAL ESTATE 1 Square Inch of Land for Sale at $1,500 By The Associated Press The Associated Press Saturday, November 12, 2005; 10:21 PM SPENCER, Ind. -- A tiny parcel of land in southwest Indiana is some of the priciest real estate in the world. Owen County officials are trying to sell a 1-square-inch plot of land for $1,500. At that rate, an acre of land would cost nearly $7 billion. No buyers ponied up for the postage-stamp-sized plot during a tax sale. "It's too small to plant a flower on," said Peter Dorsey, with the county's mapping department. The parcel was originally part of a 1.12-acre tract under a separate deed, said auditor Angie Lawson. Officials think the tiny piece of land west of Bloomington was deeded to someone in the 1960s, when people had to own property to use a nearby lake. First National Bank foreclosed on the property owner's mortgage, which covered the entire 1.12-acre tract, and the land was up for bid at the tax sale. There is a minimum bid of $1,500 for tax sale parcels. County attorney Richard Lorenz said he wants to find a way for the county to get rid of the land and the responsibility of selling it, perhaps by giving it away. "Maybe we could donate that 1-inch plot to Owen County Preservations as the smallest land donation in history," Lorenz said. © 2005 The Associated Press