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Great article today on buying a house and the Standard deduction.

One of the things that my wife and I realized as we were buying a home was that as the purchase date stretched out during the year (started in Feb, finaly bought in Sep), we were running out of time to be able to deduct the interest payments - they would no longer beat the standard deduction as TMF Taxes points out in today's article.

We got around this by having our mortgage broker roll up a lot of the fees into points, and paying down the interest rate a bit (we were lucky to have some savings for this). The reason, of course, is that points are deductible, so that helped us come April. The interest alone would not have made it over the standard deduction, but the points + interest did.

That is something to keep in mind for those considering buying a house later in the year. If you can't afford to pay (or finance) the points, you may want to consider putting off the purchase until the beginning of the next year. At least, if your taxes are a major concern.
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