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    , or it is inherited.

    Be aware that the amount you paid for your home usually includes the down payment and any debt you assumed. The cost of your home also includes most settlement or closing cost

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    Tax season. This is the time when many of us are getting paperwork together to prepare our 2005 taxes. If you are a first-time homeowner, there are certain items that can and cannot be deducted on your tax return. Knowing what itemized deductions can be included in your taxes can save you money.

    When you first buy your home, it’s beneficial to understand basis. Basis is your starting point for figuring a gain or loss if you later sell your home. It’s also used for figuring depreciation, if you later use part of your home for business purposes or rent.

    How you figure your basis depends on how you acquire your home. If you buy or build your home, your cost is your basis. Simply, the basis is the amount you paid for your home. However, the basis is different when you receive your home as a gift, or it is inherited.

    Be aware that the amount you paid for your home usually includes the down payment and any debt you assumed. The cost of your home also includes most settlement or closing costs

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    ax return. Knowing what itemized deductions can be included in your taxes can save you money.

    When you first buy your home, it’s beneficial to understand basis. Basis is your starting point for figuring a gain or loss if you later sell your home. It’s also used for figuring depreciation, if you later use part of your home for business purposes or rent.

    How you figure your basis depends on how you acquire your home. If you buy or build your home, your cost is your basis. Simply, the basis is the amount you paid for your home. However, the basis is different when you receive your home as a gift, or it is inherited.

    Be aware that the amount you paid for your home usually includes the down payment and any debt you assumed. The cost of your home also includes most settlement or closing cost

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    ring a gain or loss if you later sell your home. It’s also used for figuring depreciation, if you later use part of your home for business purposes or rent.

    How you figure your basis depends on how you acquire your home. If you buy or build your home, your cost is your basis. Simply, the basis is the amount you paid for your home. However, the basis is different when you receive your home as a gift, or it is inherited.

    Be aware that the amount you paid for your home usually includes the down payment and any debt you assumed. The cost of your home also includes most settlement or closing cost

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    you acquire your home. If you buy or build your home, your cost is your basis. Simply, the basis is the amount you paid for your home. However, the basis is different when you receive your home as a gift, or it is inherited.

    Be aware that the amount you paid for your home usually includes the down payment and any debt you assumed. The cost of your home also includes most settlement or closing cost

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    , or it is inherited.

    Be aware that the amount you paid for your home usually includes the down payment and any debt you assumed. The cost of your home also includes most settlement or closing costs you paid when you purchased the house.

    Some of the fees you can include in the original basis include abstract or title fees, title insurance, recording fees and transfer taxes. Also, you can include any amount the seller owes that you agree to pay, such as costs for improvements or repairs, and commissions.

    Items not added to the basis and not deductible include fire insurance premiums, utility charges before occupying the home, and rent for occupying the home before closing. You can not deduct charges connected with getting a mortgage loan, such as cost of a credit report or fee for an appraisal.

    If you built your home, your cost includes most closing costs paid when you bought the land or settled on your mortgage. Your cost also includes the amount you paid to have the house built.

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