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Show !grokers Corner I EVERYTHING YOU BbiMbbI - WANTED TO KNOW REALTOR ABOUT REAL ESTATE but were afraid to ask By ADAIR WHITE, Realtor It's Tax Time and now Is the time the Home Owner can deduct certain Items that renters Can Not. QUESTION: Could you list a few deduction I should ba thinking of If I purchased a home In 1977? ANSWER: 1. Yes, as a seller you probably paid "points" to the lender. I R S. defines this as a fee paid as compensation to a lender solely for the use or forbearance of monoy and If it is considered a "normal" number of points po-ints It is deductible (Who is to define normal?). If you sold a home V.A. or F.H.A. you paid point3, Mr. Seller, and should check your closing statement state-ment for this Item. 2. But, - the buyer can not deduct the loan origination origin-ation fee as this is a service charge! 3. Of course, we can all deduct Interest on our loans and real estate taxes. Which is a considerable amount of the monthly payment! For more expert advice on buying or selling your Residential or Commercial property call OLDE HOMESTEAD REALTY at 259-5105 "The Olflce That's Got It Together," -or stop In their new office at 198 East Center Street. (The old house across from the Junior High. |