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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Zeuspaul who wrote (184)11/5/1997 2:35:00 AM
From: Colin Cody  Read Replies (1) | Respond to of 5810
 
Your mortgage broker is correct. But you must do the loan correctly. Generally that means you refinance with a NEW/DIFFERENT bank. Otherwise you, in effect, roll the old unpaid points into the new debt and don't actually "pay" them.
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You should be aware of the $100,000 rule if you are borrowing "extra" cash at this time. Your mortgage broker should have that info for you.
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Colin



To: Zeuspaul who wrote (184)11/5/1997 10:41:00 AM
From: lavalamp  Read Replies (1) | Respond to 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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