cpabsd Posted April 6, 2008 Report Share Posted April 6, 2008 The points paid on the initial purchase of second home - are these deductible as mortgage interest? They were reported on the Form 1098. Thanks. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted April 6, 2008 Report Share Posted April 6, 2008 The points paid on the initial purchase of second home - are these deductible as mortgage interest? They were reported on the Form 1098. Thanks. Obviously the key phrase here is "2nd home," which I assume to mean a vacation or other home (just not the home in which they live full-time). You can't fully deduct the points on the 2nd home in the year of purchase, but you can deduct them over the life of the loan. Quote Link to comment Share on other sites More sharing options...
cpabsd Posted April 7, 2008 Author Report Share Posted April 7, 2008 That's what I thought but wanted to be certain. Second home does indeed mean vacation home. Quote Link to comment Share on other sites More sharing options...
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