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From: lab@rochester.UUCP (Lab Manager)
Newsgroups: net.invest
Subject: Re: The 3% rule
Message-ID: <15291@rochester.UUCP>
Date: Thu, 13-Feb-86 11:49:13 EST
Article-I.D.: rocheste.15291
Posted: Thu Feb 13 11:49:13 1986
Date-Received: Sat, 15-Feb-86 03:34:46 EST
References: <182@milo.UUCP> <719@ttrdc.UUCP> <1067@ihuxk.UUCP>
Reply-To: lab@seneca.UUCP (Lab Manager(Brad Miller))
Organization: U. of Rochester, CS Dept.
Lines: 23

In article <1067@ihuxk.UUCP> rs55611@ihuxk.UUCP (Robert E. Schleicher) writes:
>> >It seems to me that, as long as I keep the mortgage at least 2 1/2 years,
>> >this is a good deal.  Am I missing something?  Maybe we should rename

>The tax effects are more subtle than alluded to above.  The refinancing 
>points are deductible in the present year ($3000 in example above),

>Bob Schleicher
>ihuxk!rs55611
>
I don't beleive this is correct. I think points are deductible only if
they are used to purchase something 'new' - i.e. not for refinancing.
Best check your tax code and be sure before you refinance (otherwise,
the points are deducted over the lifetime of the loan).



-- 
Brad Miller	 ARPA:	miller@rochester.arpa	UUCP:rochester!miller
			(also lab@rochester for lab manager stuff)
		Title:	CS Grad Student
		 Snail:	University of Rochester Computer Science Department
			617 Hylan Building	Rochster, NY 14627