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From: halle@hou2b.UUCP (J.HALLE)
Newsgroups: net.invest
Subject: Re: The 3% rule
Message-ID: <702@hou2b.UUCP>
Date: Wed, 12-Feb-86 08:07:57 EST
Article-I.D.: hou2b.702
Posted: Wed Feb 12 08:07:57 1986
Date-Received: Fri, 14-Feb-86 01:09:39 EST
References: <1067@ihuxk.UUCP>
Organization: AT&T Bell Labs, Holmdel NJ
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Contrary to statements made by others, points paid for REFINANCING are
not deductable all at once, but must be amortized over the life of the
loan.  The IRS is very specific about this point.  See Publication 19
among others.  Thus it might pay to get a slightly higher rate in lieu
of points.  Or deduct it anyway and assume they won't find out.