My 1098 shows that $8560 for points on my home purchase. The seller also contributed an additional $10,000 for points which is included in my closing disclosure.
Can we add the additional seller point contribution to our deduction?
My 1098 shows that $8560 for points on my home purchase. The seller also contributed an additional $10,000 for points which is included in my closing disclosure.
The IRS says "Yes":
"The buyer may deduct points paid by the seller,
provided the buyer subtracts the amount from the basis or cost of
the residence.
My 1098 shows that $8560 for points on my home purchase. The seller also contributed an additional $10,000 for points which is included in my closing disclosure.
The IRS says "Yes":
"The buyer may deduct points paid by the seller,
provided the buyer subtracts the amount from the basis or cost of
the residence.
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