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There was general consensus on this board that on the home purchase you can claim a deduction for mortgage points only in the year of purchase, and if you are better off with standard deduction, you lose deduction for points. But today's Wall Street Journal front page column "Tax Report" described an IRS private-letter ruling, when a couple paid 1.25 points late in the year for a home purchase. They asked if they can claim a standard deductionfor that year and amortize the points over the remaining life of the loan. IRS said YES!
If any CPA's on this board could comment on that...
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