Washington (Nov. 4, 2003) - The Internal Revenue Service is reminding taxpayers who took advantage of this year's low interest rates to refinance their mortgages, that they may be eligible to deduct some costs associated with their loans.
Generally, taxpayers that itemize may deduct the points paid to obtain a home mortgage as interest. They may deduct the points on the mortgage related to a home purchase or a home improvement in the year paid, but for other loans - such as a refinanced mortgage - they must deduct the points over the life of the loan.
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