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Tax Considerations for Home-buyers, Sellers
 
Tax season is upon us and for those who purchased or sold a home last year, there are a number of tax deductions for which you may qualify.
For starters, the Internal Revenue Service says that if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income as a single tax filer, or $500,000 on a joint return in most cases.
Here are some other factors to keep in mind:
1: Much of the interest paid on a mortgage is tax-deductible. A married couple filing jointly can deduct all of their interest on a maximum of $1 million in mortgage debt secured by a first or second home.
2: Real estate broker commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one’s taxable capital gain by the amount of the selling costs.
3: Refinanced mortgage points are deductible, but not all at once. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new. Interest paid on a home equity loan or ... more

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