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Hunting - Cattle - Recreation

$4,500,000 SOLD!

Photo of 634 FM 2645, Bonham, TX, 75418.

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Beautiful serene lake setting (stocked :with Florida bass) as you drive home
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Address:	634 FM 2645
City/ST:	Bonham,TX
Zip Code:	75418
Location:	Bonham, TX
Property Type:	Cattle/Recreation
New or Resale:	Resale
Square Footage:	2400
Bedrooms:	4
Bathrooms:	4
MLS#	10828277
Last Updated:	2/9/2009 4:27:58 PM
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Not often does a property become available that offers such quality, diversity and size as does this wonderful 1040 rolling acres located one hour north of Dallas. Two gorgeous log homes, one with 2400'+/-, 4 bedrooms, 4 baths, overlooking a stocked lake, tranquil gazebo, and waterfalls. A smaller log home features 3 bedrooms and 2 baths. Cattle barn with office, lab and a covered set of working pens with scales for owner�s registered Angus herd. Huge equipment barn, hay barn and grass like you�ve never seen. 18 ponds. 4/2 manager�s quarters; 3-dog kennel. Excellent deer and hog hunting (property is about 50% wooded with mature hardwoods), exciting terrain and miles of 4-wheelin� trails. Includes 5 executive tower blinds and 3 stands. Once you see it, you�ll not want to leave. DIRECTIONS: EAST TO SHERMAN ON HWY 82 TOWARDS ECTOR. EXIT LEFT ON FM 898. LEFT ON FM 2645. HALF MILE ON RIGHT.

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Tax Considerations >Tax Deductions

Here is a question which is often asked about real estate sales: which home loan fees are deductible for income tax purposes? It is good to know the answer to this question before you sign on the dotted line. It may influence which loan you will choose. Loan fees for certain services are not itemized on your fee statement, but are grouped together into a single category.

The most obvious deductible fee is the loan fee paid to acquire a mortgage for a principal residence. The IRS recently ruled that the buyer could deduct the fee in the first year, even if the seller paid it! Other deductions include pro-rated property taxes and mortgage interest. On these items, the buyer may only deduct their share.

Most of the other closing costs are not deductible, but you may add them to your home's adjusted cost basis when calculating appreciation. Among these costs are appraisal, attorney, and inspection fees, as well as title, recording and notary fees. Fire insurance fees are neither deductible nor do they figure into the cost basis. If you are not sure which fees are deductible, consult a professional tax advisor.

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Q	To what process do the terms closing, escrow, settlement and passing papers refer?
A	These terms, which vary in different parts of the country, describe the conclusion of a real estate sale.
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Brian Smith, REALTOR�, real estate agent and broker for North Texas ranch and country properties, Texas home listings, property and land for sale - NUMBER1EXPERT

Brian Smith
Dave Perry-Miller & Associates
6025 Luther Lane
Dallas, TX 75225
Phone 1: 972-588-8300
Phone 2: 972-380-3319
Fax: 214-522-8644
Email: brian@countryconnection.com
No matter the amount of land or acreage for which you may be in the market, no matter what your real estate goals may entail - if they involve the country, Brian Smith has the experience, know-how and energy to make your goals a reality. Just call or email today!

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