Avoid costly last-minute mortgage refinance tax errors - 2005-04-03
I know I'm less stressed now. For the first time in years, my husband and I aren't going to be up all night April 14 trying to gather our tax records. But if you're still not there yet, here are some last-minute tips and mistakes to avoid, courtesy of the Internal Revenue Service:
Did you write off all the points paid as a result of a refinancing mortgage last year? If you did, you may have made a common tax mistake. Generally, points paid for an original home mortgage can be deducted fully in the year the points were paid. Yet points paid solely to refinance a home mortgage usually must be deducted over the life of the loan.
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