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Are closing costs tax deductible?

If you have refinanced or taken out a mortgage in the past year you may be eligible to deduct some of your closing costs. The tax rules will vary depending on the property and occupancy status, so be sure to let the person who handles your taxes know, if you have bought or sold real estate in the past year. Some common deductions are: Mortgage insurance premiums — for contracts issued from 2012 to 2017 but paid in the tax year Points — since they’re considered prepaid interest. You must usually allocate points over the life of the loan. Certain real estate taxes paid at closing Real estate taxes—listed on your real estate tax bill—the lender paid from escrow to the taxing authority Sales t

Don't forget to file Homestead Exemption!

What is a Homestead Exemption? Homestead Exemption is a constitutional benefit of up to a $50,000 exemption removed from the assessed value of your property. It is granted to those applicants who possess title to real property and are bona fide Florida residents living in the dwelling and making it their permanent home on January 1. Documentation that proves you were a resident at the homestead property is required. Learn More Here Florida law requires that application be made by March 1st (late filed accepted and processed in accordance with current Florida law) to be eligible for up to a $50,000 Homestead Exemption. Only new applicants or those who had a change of residence need apply. Aut

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