Crystal City, Fairfax and Loudoun real estate and homes for sale in Virginia - Mohamud Ali, REALTOR® Mohamud Ali REALTOR(r) for Crystal City, Fairfax and Loudoun, Virginia real estate - NUMBER1EXPERT™ Mohamud Ali NUMBER1EXPERT(tm) for Crystal City, Fairfax and Loudoun, Virginia real estate
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Mohamud Ali, REALTOR®, real estate agent and broker for Crystal City, Fairfax and Loudoun Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
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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Real Estate Trivia
Q 
What is the earliest residential building that remains in Manhattan?

A 
Fraunces Tavern, built in 1719, is where George Washington delivered his Farewell Address to his officers in 1783.
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Mohamud Ali, REALTOR®, real estate agent and broker for Crystal City, Fairfax and Loudoun Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Mohamud Ali
Long & Foster Real Estate

1831 Wiehle Ave
Reston, VA 20190
Office: 703 437-3800
Fax: 703 478-2930
Email: mohamudali@NUMBER1EXPERT.com

Mohamud Ali began his first real estate venture working as a property manager with Charles E. Smith Real Estate Companies. After working for the Smith Companies for 12 years, he began managing both Residential and Commercial Properties in Crystal City, Arlington. After his successful ventures, he decided to change gears and began working for Long and Foster in 1998, quickly rising to become one of the most prosperous and leading realtors in the area. He has been awarded with the impressive Top 1% in Nationwide Sales Award, and is in many prestigious clubs including the NVAR Top Producers Club, the 20 Million+ Club, and in 2004, he made it into the prestigious Masters Club. He is also an accredited buyer agent. In one year alone, he grossed over 28 million dollars in sales. For years people have turned to Mohamud Ali, a graduate from BOMI, when the time comes to make a move in Virginia. His deep commitment to the area and its residents show in the way he goes the extra mile to ensure his clients home sale or a purchase be a successful one. At the end of the transaction with Mohamud, clients agree it's his genuine caring of their needs that make him one of the top agents in his area and top 1% nationwide. He is married to his lovely wife Amal, a general dentist who owns the successful Diamond Dental Care, and has three children, Farrah, Zachary, and Hannah. Mohamud's slogan is: "I Never Stop Working for You!”

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Long & Foster Real Estate real estate and homes for sale in Crystal City, Fairfax and Loudoun Virginia

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