Many homeowners overlook another tax break available for points paid to get a home loan. In some cases, points also could shave tax bills for folks who refinanced or got an equity loan or line of credit.
Each point is 1 percent of the loan amount. Lenders charge points as a way to make a profit, and borrowers generally pay points in exchange for lower mortgage rates.
If you paid points, the amount should be listed on the 1098 statement from your lender. This document also notes how much mortgage interest you paid. Both of these deductible amounts go on line 10 of Schedule A. If the points aren’t on that statement they quite possibly will be on your closing documents or HUD statement.
Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Get tax tips right here every day through April 15—exclusively from Berrios & Associates, Inc. on Danshamptons.com!Berrios & Associates, Inc. Main Client Support Phone Numbers Tele#631-737-8811 Fax# 631-737-8812 www.berriosassoc.com
About Berrios & Associates, Inc.
Since 1999, Berrios & Associates, Inc. has been providing a distinctive mixture of leadership-knowledge, and customer service satisfying client needs in advisory, tax, and outsourcing. Serving a diverse client base from individuals and sole proprietors to private corporations with nationwide and international locations. In the domain of accounting firms, Berrios & Associates has engraved a distinctive business based on diverse solutions through the interpersonal relationship of corporate and personal tax, corporate back office support, and business growth advisory. The firm directs clients through their everyday operations to ensure they have the right business model in place to meet their business goals.