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

To: Colin Cody who wrote (185)	11/5/1997 8:35:00 AM
From: Zeuspaul	Read Replies (1) \| Respond to of 5810

Do you think this source is assuming one does not pay the points but puts them into the loan? Or do they see this issue differently than you? HOME MORTGAGE INTEREST DEDUCTIONS: If your home (or a second home) was purchased or refinanced: Before October 14, 1987, all interest paid is fully deductible, without limit. After October 13, 1987, if the mortgage (up to $1 million) was used to purchase, build or improve your home or second home, interest is deductible. In addition, interest on debt up to $100,000, secured by the home, used for any purpose, is deductible. Refinancing of eligible debt results in fully deductible interest. POINTS: Points on purchase are generally fully deductible. Points on refinance are amortized over the life of the loan. If you refinance again, the previously unamortized points for the old loan become fully deductible. bold added wwlaw.com