Is document preperation fees for a new home deductable?

Good Afternoon! The best advice would be to speak to your Tax Advisor on this issue. In the meantime, feel free to visit the IRS Website and read about "What You Can And Cannot Deduct" The link is here for your convenience: http://www.irs.gov/publications/p530/ar02.html If you need any financing help, I'd be happy to work with you as a Nationwide Direct Lender!

The IRS does not consider a document preparation fee to be a tax deductible expense. However, if you are using the home as a rental property and you are collecting rents, certain expenses relating to the business activity (renting) can be either expensed or amortized. If you are renting the property out, you should be consulting a tax professional to make sure you are taking advantage of all the tax benefits a rental property can have. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

I think this is only part of a question... in general, Title companies as well as attorney's will charge for the preparation of closing documents.. the fee can be anywhere from $200 to $800... Deductibles apply to insurance policies.. if you have an insurance claim for say $5000, and you have a $1000 deductable, then you get $4000 for your claim.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I would consult a CPA or tax advisor. I don't think they are. But I am not a qualified Tax Professional.

I think you are asking is the fee deductible on your taxes? if that is your question, I believe the answer is no. With the tax laws changing yearly I would check with your accountant as this is his/her area of expertise.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

If you're talking for tax purposes, I would say no. If you paid discount points then that could be claimed. I would get with your tax preparer and provide your HUD-1 to him/her.

You should speak to an accountant but my recollection that on closing costs for a pruchase ARE deductable

You need that question answered by a Tax Advisor or Tax Professional.