On my 1098 statement, however, there shows ... ~$1800 in points paid. My question is, can I deduct the $1,800 as points paid to obtain my home,It sounds like they consider the flat fee to be points, so I'd go ahead and deduct them as such.and if so can I do it all this year or do I have to divide it by the length of the loan (15 years)?You actually have a choice, since they are to purchase your principal residence. If deducting the points in full just barely gets you over the standard deduction, then you might be better off choosing to amortize them over the life of your loan. That way you will get some benefit from deducting most of your points, just in future years. That's better than wasting most of the points now just to itemize in the current year.--Peter <== wondering if tax programs could give that kind of advice.
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