The IRS Deductions Blog

Posts Tagged ‘cost’

Question: Are closing costs on a re-financing deductible if itemizing on the federal return?

I know that any points paid are deductible, not sure about the closing costs.

Thanks.

Answer: Closing costs are not deductible. You are right is stating that loan discount, loan origination fee and/or loan points are deductible, but only the pro-rated portion over the life of the mortgage. So, if it is a 30 year re-fi, you need to write off 1/30 each year and pro-rate the portion of the first and last year. If you decide to re-fi a couple of years down the road, the unused portion is deductible in full in the year that the particular mortgage was paid off.

Also, the property taxes that were paid at the time of re-financing is also deductible. You might want to take the settlement statement (aka HUD statement) to your tax preparer and have that person gather the pertinent info for your return.

Hope this helps.

Items on Amazon Right Now for Deductible Closing Costs:

Computer Modelling Group Announces Third Quarter Results

CALGARY, ALBERTA–(Marketwire – Feb. 12, 2010) – Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX:CMG) is very pleased to announce our third quarter results for the three and nine months ended December 31, 2009. /

Question: I am 22 and getting kicked off my parents health insurance policy soon, what’s a good option?

My work has health insurance it would be $250 a month, and have a 2,500 Deductible…25 co-pay for dr visits… I only make $1200 at that job, so it would really limit my pay check! I heard about Healthy Blue, but would like everyone’s advice on what they did, or suggest!

Answer: get like three quotes from different insurance companies and see what work for you and if you could afford it

Items on Amazon Right Now for Insurance Policy Deductible:

Imperial Sugar settles property claim in 2008 explosion

SUGAR LAND, Texas—Imperial Sugar Co. says it has settled a property insurance claim in the February 2008 explosion at its Port Wentworth, Ga., refinery for a total of $345 million.

How To Buy Homeowners Insurance : How to Choose a Home Insurance Deductible

Question: In a health insurance policy what does it mean about X amount $ for a deductible?

Also any suggestions on any other good yet affordable policies? I am looking at one from work $40 copay $800 deductible but I had better with a prior company. Also I would like dental,on this plan dental is extra at $18.The policy is Blue Cross Blue Shield of Alabama.

Answer: I work for an insurance company and I must say…your BCBS policy through work sucks. A 800.00 ded through a work plan is awful. Maybe the x amount for $ deductible means the amount of money you have to pay before your insurance starts to pay out your benefits or , if I am not understanding your question correctly, you may can pay something different for a different ded amount. Many insurance companies offer free quotes on-line. Just look through a search engine for health insurance.

Items on Amazon Right Now for Policy Deductible:

Crawford County Public Health sets January clinics

Following are the January clinics scheduled by Crawford County Public Health:

Jacob Hornberger on Monetary Policy

Question: If I have a 5000 Deductible For Health Insurance, what is the point of getting it?

I need to get insurance for a year while i take some time off of school so i need insurance. If there is a deductible, does that include office visits and prescriptions? Do I have to spend thousands or does that not apply for meds and dr visits?

Answer: I am not a insurance professional at all, I just have a policy like you with a high deductible. It does not include office visits or prescriptions. It is mainly for catastrophic illness or major accidents. If you had a serious car accident and the hospital bill was 80,000 (which would add up in like one week with surgeries), you only need to come up with 5,000. Not all things are covered with insurance too. I had an accident last July and had to pay over the deductible cause insurance just doesn’t cover some things the doctors charge for. And, the higher your deductible the lower your monthly payment. Good Luck.

Items on Amazon Right Now for Deductible And Insurance:

Business briefs

The North American International Auto Show will host its annual black-tie Charity Preview from 6-9 p.m. Jan. 15 at Cobo Center in downtown Detroit. The event benefits 12 children’s charities in the Metro area and has raised more than $79 million since its inception in 1979.

WITF Insurance Insight: Deductible 101

Life assurance, also known as life insurance, is a contract between the two parties, one the person who is to be insured and other the insurance company. According to this contract the insurance company will pay the beneficiary appointed by the insured in case of the death of the insured. Also in event of other problems like illness a smaller amount is paid by the insurance company. For getting this sum, insured person pays a fixed amount of instalments after a fixed time also known as premium. Life insurance can be divided into temporary insurance and permanent insurance. Temporary insurance is generally for only the death cases for a particular period with a fixed premium. Permanent life insurance is permanent in nature and cannot be cancelled by insurer unless there is some fraud committed in the application process. Permanent life insurance can be of many types like Whole life coverage, Accidental death insurance or limited pay insurance.

All other types of insurances, like property insurance, health insurance, accidental insurance, fall into the category of general insurance. When going for the property insurance you should always insure against the market value of the property, so that if at some point you have to make a claim then a fine is not imposed on you. When your property suffers some accidental damage and you are claiming insurance for it then you will be paid the insurance money only for the amount you have insured and for underinsuring you will have to bear half of the insurance money. In other cases like health insurance the insurance company will foot all of your hospital bills and you can pay the bills initially in either cash which will be reimbursed to you later or in a cashless way. General insurance for property or health are necessary for every home because you face such problems on day-to-day basis and it is better if you can save some money through these insurance policies.

Items on Amazon Right Now for Insurance Company Deductible:

Dickinson Township supervisors reopen budget, plan to raise taxes

Dickinson Township officials reopened the township’s 2010 budget Monday and plan to raise taxes after its insurance company dropped it due to too many lawsuits against the township.

Simple – 250 MPH TV