IRS Tax Tip 2003-32, (Feb. 14, 2003) -- Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans, according to the IRS.
Generally, for taxpayers who itemize, the "points” paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid. However, points paid solely to refinance a home mortgage usually must be deducted over the life of the loan.
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