The IRS says you can deduct supra skytops any remaining balance of the points in the year the mortgage ends, either due to a prepayment, refinancing, foreclosure or similar event. Say, for example, our hypothetical refinancer got his loan three years ago. It was a 30-year loan, so he deducted $50 in points on his last three tax returns. Now he decides to refinance again because rates are even lower. Since the first refi is paid off via the second refi, he probably can deduct the remaining $1,350 in points on his next tax return.
But, this immediate, and often large, points tax break doesn't apply in every case. If, for instance, the second refinancing is with the same lender, the IRS says you cannot immediately deduct any remaining balance of your first refi's points. Instead, the remaining points balance from the first refi is added to your new refinance amount. You then continue to deduct them, along with any points from the second refi, for the life of your new loan.o while points paid on jordan retros 1 refinanced loans usually don't provide immediate tax breaks, even when amortized they can save you some tax dollars. You can learn more about homeownership tax advantages and the tax basics of owning your own home at Bankrate.com. If you want the technical scoop straight from Uncle Sam, check out Internal Revenue Service Publication 530, Tax Information for First-Time Homeowners, and Publication 936, Home Mortgage Interest Deduction, and if you want to know if paying points makes sense for you, see "Paying mortgage points: a primer."
If you haven't yet bought your dream house but are considering it, let Bankrate's "Mortgage Basics" feature be your guide.The stock market may be in turmoil, but that doesn't mean your personal finances have to be. But there are a lot of
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