If you just purchased a residence or refinanced your current home and paid points, can you deduct them? On a purchase the answer is yes. They are treated as an interest deduction on Schedule A. If you refinanced your home, the answer is eventually. You have to deduct them over the life of the loan. So each year you deduct 12/360 on a thirty year loan, etc.If you have questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.Remember, You can count on us to count for you!
Brian’s Tax Musings – Remember the interest deduction on your second home
If you have a vacation home or an unrented investment property, remember you can deduct interest and property taxes on a first and a second home. The interest is still only deductibel up to $1,100,000 but that amount is deductible.Questions? Call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.And Remember:You can count on us to count for you!
Brian’s Tax Musings – Limits on the mortgage interest
Just a reminder; the maximum amount of mortgage you can deduct interest on is $1,100,000. The IRS tends to target interest deductions of more than $50,000, so be prepared to prove your interest deduction if it is that much.Any questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss.Remember, You can count on us to count for you!