If you bought a home in 2007 and you OR the seller of the home paid points in your behalf you may me able to claim it as a deduction. Bankrate explains it here.
The cool thing for buyers is, even if the Seller paid the points, they are deductible by the Buyer!
Remember, points are a percent of your mortgage loan. One point equals one percent. In most cases points are up-front interest that increases the lender's yield on the loan but decrease the borrower's interest rate.
For example, if you borrowed $100,000 and paid 1 point you would have paid $1,000 in points. (100,000 x .01 = 1,000.)
There are strict criteria for who may deduct the points paid but most people will qualify. Again, check the Bankrate Article for more particulars. And, as always, check with your tax expert for verification.
Don't leave any of your money on the table!
Have a great day!
Chuck
Chuck Karpfinger
RE/MAX Realty 100
414-453-8223
mail to: CharlesK@execpc.com
http://www.ChuckKarpfinger.com
Twenty-five years of taking great care of hundreds of clients.
Wisconsin Licensed Real Estate Broker
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