Income Tax Itemizers Need to Look Out For Easy-to-Miss Deductions - 2004-02-15
Income tax itemizers may not be getting the maximum benefit from deduction opportunities.
If you paid points on a mortgage to buy your primary home, you can deduct that entire cost. If you paid points associated with refinancing, you'll have to do some math to amortize the cost of the points over the life of the loan. For example, if you paid $1,500 in points to refinance to a 15-year loan, you can deduct $100 a year for the next 15 years.
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