Tax Rules Set on Refinancing
Associated Press
WASHINGTON — Interest points paid to refinance a home mortgage may not be deducted fully in the year the loan is obtained, the U.S. Tax Court ruled today.
The court’s decision, on an 8-3 vote, upheld the position taken by the Internal Revenue Service and means that points must be written off over the life of a home loan. The ruling has no effect on points that must be paid to secure a loan that is used directly to buy or improve a home.
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