Monday, August 16, 2010

Buying points tax deductible when buying home?

i bought my first home in 2009 and am claiming for my home buyers credit.but can i deduct the points on tax. I know i bought points but not sure how much i paid to it. below are details from my closing statement. Plzzz help as i am filing it myself.





Debit Credit


Total Consideration : 275,000(debt)


Deposit/Earnest Money : 3000(credit)


Principal Amnt of Loan frm Univ.Lending 280,912(credit)


Loan Discount 1404.56(debt)


Hazard Insurance 241(debt)


county property tax to Univ, Lending 1219(debt)


Aggregate adjustment to Univ Lending 305(debt)


VA Funding fee 5912(debt)


county taxes prorated 2115(credt)








how much is tax deductible for me???Buying points tax deductible when buying home?
The points will be on the 1098 from the mortgage company.

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