patch@orca.UUCP (04/05/84)
Are "points" (up-front squeeze money paid to get a loan) deductible? I called the IRS' Tele-Tax phone recording #233 and it was my interpretation that the points ARE deductible except for VA loans. My wife called the local (Portland OR) tax help number and the helpful IRS agent told her the points ARE NOT deductible. Someone else mentioned that the points may be deductible as a moving expense, but in my case it was the result of refinancing a loan for my house. Any helpful suggestions? PS: Why the heck are we paying "points" for a loan anyway? Isn't the interest rate the cost of the loan? Pat Chewning Tektronix Engineering Computing Systems PO Box 1000 DS 61-183 Wilsonville, Oregon 97070 USA tektronix!tekecs!patch