[jrjr729]

Hello All,

I purchased a home in TV this year and was wondering just what deductions I'll be able to take on my 2009 tax return. I know about mortgage interest but I am a bit confused about closing costs, real estate taxes, bond payments and interest on the bonds.

I have discovered that the bond payment is a non ad valorem tax so presumably it is not tax deductible, however the GAO reports that some ad valorem taxes are deductible if they provide for the general welfare. Does anyone know if any part of the bond payment goes for things that could be used by the general public? Also, my research tells me that if the bond creates a local benefit that increases the value of my property that it is not deductible but if it is for the repair or maintenance of local benefits then it is deductible. Do bond payments cover repair or maintenance?

Also I understand that TV used to include the bond as part of the house price. If that is so was it then included in the adjustable basis of the home on resale? If it was are bond payments now added to the adjustable basis on the sale of the home? And what about the 6 or 7% interest I am paying on the bond, is that deductible?

In addition, what closing costs will I be able to deduct?

Finally, does anyone know how to calculate potential real estate taxes? I have read that you take the just value of the home, that's its market price the price you paid for it, and multiply that times the millage rate of the county in question. However, some web sites and some posts on this board state that you take your market price and reduce it by 15% before multiplying. (Of course this presumes no exemptions.) Does anyone know which it is?

One thing that I might be able to help with is the Homestead exemption. My research has uncovered the fact that the additional 25K exemption is for all taxes EXCEPT school taxes. School taxes make up about one half of Sumter County's tax rate thus, you should figure a lower benefit. Of course I may have misread the legislation so please correct me if I am wrong.

Thank you for taking to the time to read this and a double thank you if you have responded.

[Bogie Shooter]

These look like good questions for a tax advisor?