Tax Time

Upon the close of your real estate transaction, you should have received a form titled the “Closing Statement” or “Closing Disclosure” with your closing documentation. It includes an itemization of all credits and debits for your transaction.

closing-disclosure-H25B-1.aec3e9325e5b

This document is of particular importance during tax preparation as some of the expenses listed may be considered a tax deduction. These potential deductions apply if you have purchased or sold a property in the last year and also apply if you have refinanced a property that is your primary residence.

If you don’t have this document handy, please feel free to contact your real estate agent, your lender, or your escrow officer for a copy. Many of the expenses listed on your Closing Statement or Closing Disclosure are referred to as “Closing Costs.”

Items that are generally not considered tax deductible include expenses such as title and escrow fees, real estate commissions, appraisal fees, credit report fees, transfer taxes, etc. It is important to consult your tax attorney or accountant in order to be certain of your eligible deductions.

Tax Time Flyer (2)

In the meantime, please feel free to contact me for more information or to request your current documentation. And remember, your title & escrow company is always your choice.

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