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#2
02-01-2006, 01:39 AM
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 Re: Deduction of points on land purchase "Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote: - quote - > Acadia wrote:
Thank you, I appreciate the info.> > We purchased land in 2005 for our retirement. Are we able > > to deduct the points paid in settlement for that mortgage on > > our 2005 Income Tax return? > Not unless you already built a house on that land and also > have mortgage interest expense. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-31-2006, 07:46 PM
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| Re: Deduction of points on land purchase Acadia wrote: - quote - > We purchased land in 2005 for our retirement. Are we able
Not unless you already built a house on that land and also> to deduct the points paid in settlement for that mortgage on > our 2005 Income Tax return? have mortgage interest expense. ChEAr$, Harlan Lunsford, EA n LA Mon 30 Jan 2006 << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-31-2006, 07:06 PM
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| Re: Deduction of points on land purchase acadiaNOT[at]ONyourLIFE.com (Acadia) asked: - quote - > We purchased land in 2005 for our retirement.
You should add these to your cost basis. I would strongly> Are we able to deduct the points paid in > settlement for that mortgage on our 2005 > Income Tax return? advise you retain all documents from the settlement, and especially the financial statement, as a part of your files. Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-30-2006, 03:17 AM
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| Deduction of points on land purchase We purchased land in 2005 for our retirement. Are we able to deduct the points paid in settlement for that mortgage on our 2005 Income Tax return? Thank you. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deduction, land, points, purchase |
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