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What is an HOA and is your HOA fee tax deductible?

Movoto

Owning a home comes with some great tax breaks. But is your HOA fee tax deductible? Learn more about HOAs and when you can get a tax break on your HOA fees. You know the old saying: Nothing is certain but death and taxes. So, what is an HOA, and when can you deduct your HOA fees from your taxes ?

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HAF funds have kept 300,000 people in their homes: U.S. Treasury

Housing Wire

A requirement of a government-sponsored Home Equity Conversion Mortgage (HECM) is that the homeowner keep their home in good repair while paying any applicable property taxes, homeowners insurance and homeowners association (HOA) fees.

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Mortgage industry takes another stand against the FHFA’s DTI fee

Housing Wire

.” Broeksmit said expenses can fluctuate significantly because some items are not in credit reports (child support or alimony being one example) and others are estimated at application but could change at closing, such as HOA dues, hazard insurance and property taxes.

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Taking the leap: The benefits of buying vs. renting a home

Housing Wire

But be sure to consider how other recurring costs that may come with homeownership – such as homeowners insurance, property taxes and common charges like HOA fees – factor into your total monthly housing expense. Homeowners may also be eligible for tax deductions which renters may be unable to utilize.

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The Hidden Costs of Homeownership

Eppraisal

Property Taxes Property taxes are often overlooked in the excitement of buying a home. These taxes are based on the assessed value of your property and vary depending on your location. Property tax rates can fluctuate over time, and homeowners should be prepared for potential increases.

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Understanding the Math of Profitable Investment Properties

Eppraisal

Analyzing Operating Expenses To accurately gauge the profitability of an investment property, it's essential to account for all operating expenses. These may include property taxes, insurance, maintenance and repairs, property management fees, and any homeowner association (HOA) dues.

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Home Appraisals – What Do They Look For?

D Fritz Appraisals

Reviewing / appealing property tax assessment. Property division in separation / divorce. To determine capital gains on second or rental properties. Tax implications for final probate. Renovation loan assessments. Mortgage financing and refinancing. Estate settlements. Valuation for insurance claims.

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