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Are there any tax tips and after closing advice that you can give me.
Remember that several of your closing costs may be taken as deductions on your tax return. These include any prepaid mortgage interest, property taxes, points, and other fees. Remember that under the new federal tax rule, a single taxpayer is allowed up to $250,000 ($500,000 for married couples) of gain if the property has been owned for at least two of the last five years and had been the owner's primary residence. Please refer to page 191 of All About Escrow and Real Estate Closings for additional questions which might be of concern to the buyer and seller after the close of escrow.
Copyright © 2009 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.
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