![]() Also, there is one piece of vital information missing from your letter: The basis (generally the original cost plus capital improvements) for your home. ![]() The second question lands you right in the middle of a discussion that has not yet been resolved. The remaining points not previously deducted as interest may be claimed in the year the property (or the mortgage) is disposed of. Is this correct? My home is worth about $170,000.Ī The answer to your first question is yes. Since the previous mortgage has been terminated, can I deduct the remaining points ($1,633) on my 1986 tax return? Also, I assume I can begin deducting in 1986 (one year at a time for 15 years) the points on my new mortgage. In November 1986 I again refinanced with a new $70,000 fifteen-year mortgage to replace the 1985 loan, and again paid points. On my 1985 tax return I deducted $117 interest ($1,750 divided by 15). Q In March 1985 I refinanced my home mortgage, getting a $70,000, 15-year mortgage on which I paid $1,750 in points.
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