Are closing costs Tax Deductible?

The answer to whether closing costs are tax deductible — or mortgage interest and property taxes for that matter — is, maddeningly, “It depends.”

Basically, you’ll want to itemize if you have deductions totaling more than the standard deduction, which is $12,200 for single people and $24,400 for married couples filing jointly. Every taxpayer gets this deduction, homeowner or not. And most people take it because their actual itemized deductions are less than the standard amount.

The one-time home purchase costs that are tax deductible as closing costs are real estate taxes charged to you when you closed, mortgage interest paid when you settled, and some loan origination fees (a.k.a. points) applicable to a mortgage of $750,000 or less.

Talk with your accountant or tax professional!


5-Star Energy Rating!

http://melissaford.point2agent.com/Nome/Alaska/Homes/City_of_Nome/Agent/Listing_182808141.html


Iconic Polar Bar and Restaurant For Sale

Includes: Bar, Restaurant, Store, 6 apartments, fixtures, inventory and liquor license.


NSEDC Energy Subsidy Sign up FOR NOME

FEB 26th, 27th & 28th

City Hall


Solar energy grants

Solar energy grant up to $100,000 per project or organization has been announced by the Honnold Foundation Fund, founded by Alex Honnold, the celebrity mountaineer free climber. Eligible applicants are non-profits who support solar initiatives, underserved and marginalized communities, and reduce environmental impact.
Organization and Project Summaries are due 2/7/2020.

More info available at https://www.honnoldfoundation.org/apply


Apartment for rent

One Bedroom apartment for rent. Stack washer and dryer in unit. $1250 per month ($1200 if on autopay). $1000 security deposit. Must have references and good employment history. Contact Dr. Eric Ortman at 952.303.9124.

Two Bedroom apartment for rent. Stack washer and dryer in unit. $1450 per month ($1400 if on autopay). $1000 security deposit. Must have references and good employment history. Contact Dr. Eric Ortman at 952.303.9124.


National Flood Insurance Information

The National Flood Insurance Program (NFIP) provides up to $350,000 of flood insurance coverage where required for a federally backed mortgage in Nome and Kotzebue.

 

CLICK HERE TO SEE NOME HAZARD MITIGATION PLAN. (warning, it’s a rather large PDF file)