|
Author
|
Topic: closing costs....
|
stangless
¯
Member # 1414
|
posted
 
 
how much money did you guys get back?
we'll be wasting about 50k in closing costs.. how much should we expect to get back in taxes next year?
I've heard some people say that they get 80-90% back.
That seems incredibly high to me? is this true? we'll need a professional tax person for sure next year..
--------------------
=(
Posts: 4634 | From: bay | Registered: Jun 2002
| :
|
|
51505.0
¯
Member # 1904
|
posted
I wish I was getting that money how much is your house 35 million, shit you better check that again 55k seems way to high your getting fucked
Posts: 209 | From: bay area | Registered: Sep 2002
| :
|
|
N8
¯
Member # 6048
|
posted
Look on your papers, only things with the word "fee" next to it is a tax deduction. Your loan officer must have charged you like 5 points (hope not). If you had to put money down, I dont believe that is tax deductible. But depending on how your loan is structured that down could be instant equity. If you do something house related with the equity, then thats a tax deduction. Your first year of payments is usually almost all interest. You can claim all that.
First year I would have a pro do your taxes.
Posts: 11638 | Registered: Sep 2005
| :
|
|
Dag302
¯
Member # 4682
|
posted
50k closing costs? does this include pre-paid interest or down payment? Your closing costs can not be 50K. There has to be something else included in there. As far as a right off I think the only thing you can righ off are points. Even with that you need to be carefull how they are worded on your closing papers or hud statement.
--------------------
04 Expedition 4X4
93 Cobra #822
96 Cobra
Posts: 2842 | From: Sacramento | Registered: Jul 2004
| :
|
|
happygmore
¯
Member # 7159
|
posted
i told you to fire your agent.......
Posts: 421 | From: west san jose | Registered: Oct 2006
| :
|
|
N8
¯
Member # 6048
|
posted
quote:
Originally posted by happygmore:
i told you to fire your agent.......
Yup sounds like your loan agent or real estate agent has made out like a fat rat, if that 50 is not any prepayments or downpayment. I have seen loans where the agent charged like 5 points. They tend to prey on people who are sub-prime. (not saying thats your case).
Posts: 11638 | Registered: Sep 2005
| :
|
|
castor
¯
Member # 2765
|
posted
Something is seriously wrong if your closing cost is 50k and that does NOT include part or all of your down payment. Sounds like a scam to me.
--------------------
SOLD!!! 7/07
Supercharged 92GT
352rwhp [old blower w/3 1/2lbs]
???rwhp w/S-Trim
2010 Acura MDX Tech/Entertainment
2013 Acura TL SH-AWD
Posts: 1457 | From: San Francisco | Registered: Apr 2003
| :
|
|
SmokinLX
¯
Member # 1684
|
posted
If You just bought a house then Your agent's commisson was paid by the seller "which is usally 6% of the sales price which is 3% for each side of the transaction for the listing and selling agent" so it is almost impossible for Your realtor to rip You off in this situation. Now the lending side does'nt really have a set fee so here is where You could have run into trouble? A good deal would have been 1 point or 1% plus title and alway's a few misc. doc fee's,prep fee's, and origination fee's usually totaling somewhere in the neighborhood of 2,000 to 3000 dollar's. Maybe He used some money to buy the rate of Your loan down? If You are selling Your home in the east bay in the future just shoot Me a PM and I will help You out!
--------------------
Dont claim power if ya cant mile per hour. 10 second AOD
Posts: 4388 | From: East Bay | Registered: Aug 2002
| :
|
|
stangless
¯
Member # 1414
|
posted
haha.
Ok, i'm not buying a house or refinancing.
WE are selling a house.
Maybe it's not called closing cost.
I heard whatever amount of money i spend in paying the real state agent, reports, staging, etc etc etc.
Could be declared as a deductible.
My questions is... how much of that is usually returned at the end of the year?
I'm simply asking because we are way over the tax free capital gain break for a couple in profit. we'll have to still pay interest on a lot of money. I'm trying to see how i should play with the numbers and end up paying not as much.
My buddy just sold his house for 1.2 mill.his real state, fees, etc etc came up to 59k or so,, he got a 51k back that year and jumped into a paid off Corvet.
I'm trying to do something similar here. ![[Wink]](wink.gif)
Posts: 4634 | From: bay | Registered: Jun 2002
| :
|
|
stangless
¯
Member # 1414
|
posted
quote:
Originally posted by happygmore:
i told you to fire your agent.......
I love the way people jump to conclusions without knowing what the heck I'm talking about.
![[Roll Eyes]](rolleyes.gif)
![[Razz]](tongue.gif) Hey dude... pick up your phone. You are harder to get a hold of than my booty calls. I called you this weekend. i wanna drop off your computer before i misplace it. ![[Big Grin]](biggrin.gif)
[ April 02, 2007, 01:34 PM: Message edited by: Jmir018 ]
--------------------
=(
Posts: 4634 | From: bay | Registered: Jun 2002
| :
|
|
N8
¯
Member # 6048
|
posted
Ok that makes more sense, you just used the wrong term. Unfortunately I dont know the right term either. But I do however have a really good real estate agent that has helped me dodge the capitol gain issue on 2 houses I have sold. I can shoot you her number if you are interested. She is really helpful and based in the Bay Area. And I did get like 90% of my money back. which I used to buy another property.
lmk
Posts: 11638 | Registered: Sep 2005
| :
|
|
stangless
¯
Member # 1414
|
posted
quote:
Originally posted by N8:
Ok that makes more sense, you just used the wrong term. .... And I did get like 90% of my money back. which I used to buy another property.
lmk
Cool, thanks man. Yeah, i figured it was the wrong term, but i was tired when i wrote my original post last night.. I had spent all day moving, so i was TIRED... so you did get the majority back? cool....
![[patriot]](graemlins/patriot.gif)
--------------------
=(
Posts: 4634 | From: bay | Registered: Jun 2002
| :
|
|
SmokinLX
¯
Member # 1684
|
posted
Your tax person will be the one You want to talk to. What may work for someone will not work for other's due to age, transfering tax bases, income, or a 1031 would be would be a few of the variables or examples.
--------------------
Dont claim power if ya cant mile per hour. 10 second AOD
Posts: 4388 | From: East Bay | Registered: Aug 2002
| :
|
|
venomous99
¯
Member # 1917
|
posted
sounds like its ur typical 6% commission paid off to the realtor by the seller. assume your house is 900k. 6% of that is 54k. ru selling yourself or going through a realtor. how much is your realty taking in for commission?
--------------------
MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
| :
|
|
stangless
¯
Member # 1414
|
posted
quote:
Originally posted by venomous99:
sounds like its ur typical 6% commission paid off to the realtor by the seller. assume your house is 900k. 6% of that is 54k. ru selling yourself or going through a realtor. how much is your realty taking in for commission?
House will list for 950.. hope to get over 970ish.. Come on Venomous99, you know me. I'm a cheap bastard. No way i'd pay 6 percent commission.
I was just wondering if there is certain percentage that is given back with certainty, but that doesn't seem to be the case....
The realtor fees and other costs do not reach 50k.. that's the thing.. i was trying to see if the more i upped that amount the more i would get back. ![[Frown]](frown.gif)
[ April 03, 2007, 12:00 AM: Message edited by: Jmir018 ]
--------------------
=(
Posts: 4634 | From: bay | Registered: Jun 2002
| :
|
|
0Cobra3
¯
Member # 2901
|
posted
You can only write off 2 things.....interest and origination fee. Nothing else. No u/w fee, processing fee or any other fee. Only interest for the year and origination fee.
--------------------
It'll be fine....just run it.
Posts: 73 | From: Redding | Registered: Jun 2003
| :
|
|
N8
¯
Member # 6048
|
posted
hhmm...I was able to write off a few other fees, but then I guess it depends on your loan structure. Not a pro, but I know I was able to write off a bunch of fees.
Posts: 11638 | Registered: Sep 2005
| :
|
|
Dag302
¯
Member # 4682
|
posted
quote:
Originally posted by JayStang96:
You can only write off 2 things.....interest and origination fee. Nothing else. No u/w fee, processing fee or any other fee. Only interest for the year and origination fee.
I thought you could not write off the origination fee? Thats why it is better to have it put down as points. Arent points basically pre-paid interest? Correct me if I am wrong.
--------------------
04 Expedition 4X4
93 Cobra #822
96 Cobra
Posts: 2842 | From: Sacramento | Registered: Jul 2004
| :
|
|
|
|
Email this post to someone!
Printer friendly view of this Ford topic
