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From: rsb@cuuxb.UUCP (Richard S. Brown)
Newsgroups: net.invest,net.taxes
Subject: Re: Money from refinancing
Message-ID: <840@cuuxb.UUCP>
Date: Tue, 30-Sep-86 12:53:44 EDT
Article-I.D.: cuuxb.840
Posted: Tue Sep 30 12:53:44 1986
Date-Received: Thu, 2-Oct-86 20:56:32 EDT
References: <8@oliveb.UUCP> <3788@nsc.UUCP>
Reply-To: rsb@cuuxb.UUCP (Richard S. Brown)
Distribution: na
Organization: AT&T-IS, Customer Support, Lisle, Il.
Lines: 15
Keywords: IRS (I Retroactivly Steal)
Xref: mnetor net.invest:1250 net.taxes:600

Does anyone have ANY information (for this year and beyond) for the
following situation:

Jack buy a house from Ed for FULL price but they agree that Ed will
pay the 3 points that Jack's bank will charge him for the loan.
The purpose, of course, is this save Jack some "up front" money.

Can Ed write off the points that HE paid Jack's bank as some sort
of expense (of selling the house)?

When Jack sells, should he pay the points of the person HE sells to?

	Rich Brown
	Downers Grove, IL
	cuuxb!rsb