It is the start of an exciting new year full of potential but before things get too busy, now may be a good time to send last year’s clients a copy of their closing statement.   

Tax prep time is just around the corner and clients who bought/sold property last year may need a copy of their closing statement for some of the calculations.  Since these statements sometimes get mixed up with other important papers, rest easy knowing the clients we served together in 2011 will receive their copy from us this week.    

You are probably aware that mortgage interest and property taxes are likely tax deductible. However, sometimes other legitimate expenses are overlooked.  Some closing costs paid to secure the mortgage – regardless of who pays them – are generally accepted as qualified deductions. Also prepaid or per diem interest is qualified interest and may be deducted. 

If you or your client doesn’t have an accountant or are dissatisfied with your current one, please let me know.  I have developed relationships with some of the best accountants in the area and would be happy to refer you to one.