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Financial Planning / Tax Strategies
|Subject: Re: When Building a Home . . .||Date: 4/1/1999 7:11 AM|
|Author: WWells||Number: 13388 of 121585|
1) We paid cash for a lot.
2) Used the lot plus some more cash to secure financing for building a house.
3) Architect drew plans, lawyers handled closings, contrator did most of the contracting but we did about 25% of the contracting ourselves.
4) The construction loan required monthly "interest-only" payments until the house was complete. It then converted to a 30-year fixed mortgage.
*5) And to clarify (Bob asked) it is for personal use.
Here are the questions (sorry it took so long).
1) Are any of the professional's fees deductable - specifically the lawyer or contractor? How about building permits and stuff needed to get them like surveys and site plans?
2) Is the interest paid on the "interest-only" construction loan deductable? How about points? Appraisals? Mortgage insurance? Stamps on legal docs?
3) How about sales tax on items we bought for the house (we bought paint, blinds, vinly and hardwood flooring, appliances, etc). How about sales tax the contractor and others bought (doors, windows)?
4) Aside from the interest (since converting to a 30 year fixed) and all the property taxes, is there anything else possible? Something - anything?
Please and Thank you.
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