Tag Archives: points
Mortgage points refer to certain fees or costs you’ve paid in order to get a home mortgage. Basically, points are a type of interest that you’ve prepaid, and may be deductible as interest if you chose to itemize your deductions when filing your tax return. If you are able to deduct all of the interest […]
— Read moreWhen you complete Schedule A for your federal tax return, you are able to deduct any home mortgage interest in two categories: Loan interest for monies used to significantly improve a primary or secondary residence, which is backed by the property. The loan must not exceed $1,000,000. Loan interest that is secured by your home, […]
— Read moreTaxpayers who seek a loan for the purchase of a home are likely aware of the tax savings that come with points deductibility. However, refinancing may afford you the same tax breaks. Typically, refinancing requires the homeowner to subtract loan points over the loan’s term. If any portion of the money received from refinancing is […]
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