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#1
04-04-2009, 06:28 PM
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 Re: Refinance points paid from the loan amount! In misc.taxes.moderated, CJ wrote: - quote - > I have refinanced my second home, in June last year. In reviewing the
Yes, you deduct the points over the life of the loan unless you took> settlement statement, the origination and discount points (total $10,583.00) > appears to have been financed in the loan amount. Is this why I have not > received a Form 1098? If they were paid out from the loan amount can I > still deduct the points over the life of the loan? extra money out for home improvement. http://www.irs.gov/publications/p936/ar02.html See the two examples. http://forums.kiplinger.com/showthread.php?t=238 is less authoritative but more concise. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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04-04-2009, 01:31 AM
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| Re: Refinance points paid from the loan amount! "CJ" <cjannis[at]offline.ro> wrote in message news:TziBl.1240$Q52.221[at]nwrddc02.gnilink.net... - quote - > I have refinanced my second home, in June last year. In reviewing the
If the points were paid from the proceeds, you MUST take them over the life> settlement statement, the origination and discount points (total $10,583.00) > appears to have been financed in the loan amount. Is this why I have not > received a Form 1098? If they were paid out from the loan amount can I > still deduct the points over the life of the loan? of the loan. You cannot deduct them in full currently. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
04-03-2009, 03:51 PM
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| Refinance points paid from the loan amount! I have refinanced my second home, in June last year. In reviewing the settlement statement, the origination and discount points (total $10,583.00) appears to have been financed in the loan amount. Is this why I have not received a Form 1098? If they were paid out from the loan amount can I still deduct the points over the life of the loan? Thank you very much! Costa -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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