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About The Clemons Home Team - Information about The Clemons Home Team of Kansas City, Blue Springs, Lee's Summit, Liberty, Kearney, Independence and Platte City, Missouri Testimonials - Read what The Clemons Home Team's clients are saying about the real estate marketing and services provided. Quick Response Guarantee - A quick response to your email request for more Missouri home buying & property selling information is guaranteed by The Clemons Home Team. Privacy Guarantee - This Kansas City, Blue Springs, Lee's Summit, Liberty, Kearney, Independence and Platte City real estate web site will respect your privacy, guaranteed by The Clemons Home Team. No Obligation Guarantee - The Clemons Home Team's real estate help by email is free & without obligation for Kansas City, Blue Springs, Lee's Summit, Liberty, Kearney, Independence and Platte City home owners in Missouri. For Real Estate Agents - Let The Clemons Home Team help you with your professional real estate broker and agent needs in the Kansas City, Blue Springs, Lee's Summit, Liberty, Kearney, Independence and Platte City area. About NUMBER1EXPERTS - NUMBER1EXPERTS are top real estate professionals, find out more. Contact Information - How to contact The Clemons Home Team. Go to Main Sitemap - Main sitemap sections include Find Kansas City, Blue Springs, Lee's Summit, Liberty, Kearney, Independence and Platte City Homes, For Home Buyers, For Home Sellers, Kansas City, Blue Springs, Lee's Summit, Liberty, Kearney, Independence and Platte City Information, Real Estate Resources, and About The Clemons Home Team. 
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Tax Considerations >Tax Deductions
Here is a question which is often asked about real estate sales: which home loan fees are deductible for income tax purposes? It is good to know the answer to this question before you sign on the dotted line. It may influence which loan you will choose. Loan fees for certain services are not itemized on your fee statement, but are grouped together into a single category.
The most obvious deductible fee is the loan fee paid to acquire a mortgage for a principal residence. The IRS recently ruled that the buyer could deduct the fee in the first year, even if the seller paid it! Other deductions include pro-rated property taxes and mortgage interest. On these items, the buyer may only deduct their share.
Most of the other closing costs are not deductible, but you may add them to your home's adjusted cost basis when calculating appreciation. Among these costs are appraisal, attorney, and inspection fees, as well as title, recording and notary fees. Fire insurance fees are neither deductible nor do they figure into the cost basis. If you are not sure which fees are deductible, consult a professional tax advisor.
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| Q |
What information does nearly every state in America require the seller of a home to reveal to the buyer?
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| A |
Most states require disclosure of any existing problems or conditions that could affect the value of the house. |
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Linda Clemons
Reece & Nichols
9601 NE Barry Road
Kansas City, MO 64158
816-407-5223
Fax: 816-781-4639
iclemons@reeceandnichols.com
The Clemons Home Team is your leading source for all of your greater Kansas City, Kearney, Blue Springs, Independence, Lee's Summit, Platte City
and Liberty real estate needs. Whether you are Buying or Selling a home, We know that it is one of the biggest events in your life and we are here to help you through the process.
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