You have twenty-five days to file your taxes until April 17. Taxpayers who did a
refinance mortgage on their homes may be eligible to deduct some costs associated with their loans. Generally, for
taxpayers who itemize, the "points" paid to get a home mortgage may be deductible as mortgage interest.
Depending on circumstances, points can be fully deductible for the year paid.
For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to be made over the life of the loan. However, if part of the refinanced mortgage money was used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid. Seek the advice of an accountant if you have further questions.
