Are points from a refinance deductable? thanks 1|1|Yes---but not all in the year you refinance (M)|Abbicca|Abbicca@insightbb.com|21:41:39|08/26/2009|
Since it is a refi, you have to deduct the points over the life of the loan..... so a 30 yr refi..you get to take 1/30 of the points every year for 30 years. heehee BUT...if you refi again---or sell it... you get to take the balance of them in that given year.
Example.....if you pay 1,000 in points (not refi cost but POINTS) and it's a new 30 yr mortgage...you get to take $33 each year (34 every third year) along with your normal mortgage interest. So not a big help---but at least it IS deductible!!
HTH 2|2|ok lol it maybe a 15 Gary asked about both but it|teener|teenerzacsneenee@yahoo.com|22:24:02|08/26/2009|
will add the first and second together and save us ober $150 each month :)and I believe that is using our old tax rate but that will be coming down as the disabilaty discount goes into affect in Oct thanks