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.
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