Thanks Ira, Lorenzo and cjbb for your responses. Your info on the subtleties of deducting points was very useful. I was looking for some easier to read material on the various tax deductions other than IRS's turgid prose.Just to clarify this is a first-time home ownership. I have itemized deductions for 2001, no thanks to high income taxes in CA, so I am somewhat familiar with this. I just wasn't familiar with all the the rules for deducting points or real-property taxes. Last year I learnt that I could deduct some of the auto registration fees (the value-based personal property tax) but not the tag fee. I was just wondering if there are similar complexities in deducting real-property taxes or points or other settlement costs. I just didn't want to miss out on anytax breaks I am entitled to.
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