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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Zeuspaul who wrote (184)11/5/1997 10:41:00 AM
From: lavalamp  Read Replies (1) of 5810
 
Zeus,

Generally you must amortize the points paid on refinancing a home loan because it is not a purchase. However, there is an Appeals case which overturned the Tax Court on this issue. ( the facts in that case involved a short term ballon note used to acquire the home). I suspect your mortgage broker is thinking about points paid on the original purchase of the house.
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