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New Member
posted May 17, 2021 1:34:47 PM

Hello is points the same as down payment?

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2 Replies
Expert Alumni
May 17, 2021 2:01:34 PM

No.  A down payment, or earnest money that goes towards paying for the house.  Points are prepaid interest, paid to the mortgage company in order to reduce your interest rate.  A down payment is not deductible.  Points may be deductible as mortgage interest if they qualify.  For more information, see:

 

Topic No. 504 Home Mortgage Points

New Member
May 26, 2021 1:10:31 PM

Hello. I am ask about my refund. I was unable to finish our taxwa and needed a extension on our taxes.  I put in for it and need information back.