Experience the Difference

Laura Riley - Principal Broker

Direct: 703-216-7117

Table 1. Where To Deduct Interest and Taxes Paid on Your Home 
See the text for information on what expenses are eligible.
IF you are eligible to deduct . . . THEN report the amount 
on Schedule A (Form 1040) . . . 
real estate taxes line 6.
home mortgage interest and points reported on Form 1098 line 10.
home mortgage interest not reported on 
Form 1098 line 11.
points not reported on Form 1098 line 12.
qualified mortgage insurance premiums line 13.
Mortgage Interest Statement 
If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage to a mortgage holder in the course of that holder's trade or business, you should receive a Form 1098 or similar statement from the mortgage holder. The statement will show the total interest paid on your mortgage during the year. If you bought a main home during the year, it also will show the deductible points you paid and any points you can deduct that were paid by the person who sold you your home. See Points, earlier. 

Table 1. Where To Deduct Interest and Taxes Paid on Your Home
See the text for information on what expenses are eligible.


IF you are eligible to deduct . . .                                              THEN report the amount 

                                                                                                  on Schedule A (Form 1040)
real estate taxes                                                                                      line 6.
home mortgage interest and points reported on Form 1098                  line 10.
home mortgage interest not reported on Form 1098                              line 11.
points not reported on Form 1098                                                          line 12.
qualified mortgage insurance premiums                                                line 13.


Mortgage Interest Statement 


If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage to a mortgage holder in the course of that holder's trade or business, you should receive a Form 1098 or similar statement from the mortgage holder. The statement will show the total interest paid on your mortgage during the year. If you bought a main home during the year, it also will show the deductible points you paid and any points you can deduct that were paid by the person who sold you your home. See Points, earlier.


For more information read: http://www.irs.gov/publications/p530/ar02.html


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Buying A Home

Congratulations on your decision to buy a new home! By following these steps you will be well educated, informed and well on your way to finding your dream home.

Define Needs of a New Home

We can assist in analyzing your needs so that you will be able to get a clear picture of exactly what you want your new home to look like determine how it should function for you and your family. Why you are looking for a new home. For example, are you currently renting and would like to have a home where you can begin building equity? Maybe you have outgrown your current residence. Or, maybe you have just gotten a promotion, which requires you to move to a new city. These factors will all have a bearing on how you approach your home search. Second, establish a time frame that you would like to stay within for buying your home. 



How Much Can You Spend?

Now that you have your list of features you want in your new home, you are ready to start looking! Well, not just yet. You are going to need to know in what price range to look. You will need to visit a mortgage company to become pre-approved. The lender will take all pertinent information regarding your finances and perform an extensive check on your current financial status. This will ultimately give you the exact amount that you will be eligible for (depending on what type of loan you decide to go with). Being preapproved lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home.


Read Up On Local Information

People don't just buy a house; they buy the neighborhood the house is in. You will most likely want to consider things like how living in the neighborhood will affect your drive time to and from work, what amenities are offered (swimming pool, tennis courts, park, etc.), and, if you have children who are attending school or soon will be, what school district you will be in and how close the schools are.


Viewing Homes

We can now start viewing homes according to your price range, and your wants/needs. 



Making an Offer

Now that you and your real estate agent have found the home you would like to purchase, it's time to make an offer. Taking into account the recent sales of homes in that neighborhood which are similar in size, quality, conveniences, and amenities, what are you willing to pay for the home? Your real estate agent will consult with you and advise you on how to create an offer that will have the best chance of being accepted.



Negotiate

Once your offer is made, you and your real estate agent may need to enter some negotiation in order to reach an agreement.


Inspections

Some examples: Home, radon, septic, well, appraisal, survey, environmental inspection. 



Closing Preparation

You will need to have your local services such as electricity, cable, and phone set up.



Closing

"Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. It is a formal meeting in which most parties involved in the buying/selling process will attend. Closing procedures are usually held at the title company's office or lawyer's office. Your closing officer coordinates the document signing and the collection and disbursement of funds. Your agent will be present at your closing to read the documents on your behalf, answer any questions, or help to resolve any last minute or unexpected details that may come up.