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Current Selection:	All Prices	All Types	All Locations	New Selection	Sorted By: Default	New Sort
<Back to Page			Property 43 of 72 Selections

Feature Home - 59 Morrill Road, Norway ME

$370,000

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Address: 59 Morrill Rd.	City/ST: Norway, ME	Zip Code: 04268
Location: 59 Morrill Road, Norway ME	Property Type: Single Family Home	New or Resale: Resale
Square Footage: 4040	Bedrooms: 3	Bathrooms: 3 full, 1 3/4 baths
MLS# 922830	Property Tax: 5298

Custom-built home on 4 rolling acres w/mountain views. Gracious living w/excellent natural light. 1st floor master suite, radiant heat, gas fireplaces, granite counters, decks, screened porch, finished basement, hot tub,4 garage bays & lovely landscaping.

Last Updated: 9/18/2009 3:42:08 PM

Listing Agent and Office: Barbara Trafton, 207-689-9822, Keller Williams Realty Mid Maine

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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 is considered one of the greatest U.S. construction projects that was also of great strategic importance to the U.S.?
A	The Panama Canal, begun in 1904 and completed in August, 1914, which cost $366,650,000.
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Sue Meservier, REALTOR�, real estate agent and broker for Auburn, Lewiston and Turner, Maine home listings, property and land for sale - NUMBER1EXPERT

Sue Meservier
Meservier & Associates
Keller Williams Realty Mid Maine
34 Center Street
Auburn, ME 04210
Office: 207-784-2525
Fax: 207-689-9801
Cell: 207-576-5488
suemeservier@NUMBER1EXPERT.com
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