Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10 5/3/83; site houxz.UUCP Path: utzoo!linus!decvax!genrad!grkermit!masscomp!clyde!floyd!harpo!ihnp4!houxm!houxz!halle1 From: halle1@houxz.UUCP Newsgroups: net.taxes Subject: Re: House purchase deductions Message-ID: <653@houxz.UUCP> Date: Tue, 31-Jan-84 11:24:16 EST Article-I.D.: houxz.653 Posted: Tue Jan 31 11:24:16 1984 Date-Received: Sun, 5-Feb-84 03:58:24 EST References: <331@bunker.UUCP>, <699@elsie.UUCP>, <846@ihuxm.UUCP> Organization: Bell Labs, Holmdel NJ Lines: 9 Points for refinancing are NOT deductable in the year of payment. They must be amortized over the life of the mortgage. It is a common misconception that refinancing and new purchase are the same as far as tax laws are concerned. The IRS has sais many times that it is not so. I have seen somewhere in an official IRS pub that specifically points paid for refinancing are not deductable all at once. How to amortize them? I don't know. However, I suppose it doesn't hurt to try to take it all at once. You could claim ignorance. Besides you probably won't get caught. Probably....