Are seller-paid points deductible?

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What tax benefits are there to homeowners?

Helena Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.

Contact Information

Jack Thomas

Montana Legacy Real Estate

2013 Cromwell Dixon Lane Suite C

Helena, MT, 59601

Office: 406-431-0599

Cell: 406-431-0599

Fax: 800-496-5705

hydro@bresnan.net

www.jackthomasrealestate.com

Lic. #: 15573

Glossary Schools Buyer Information Seller Info Contact Us

Are seller-paid points deductible?

Are seller-paid points deductible?

As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only for points actually paid by the buyer.

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