Interest - Itemized Deduction
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Answer Tax QuestionsCredit card interest - deductible ?
Asked Monday, September 11, 2000 by an anonymous user
No. Credit card interest and other personal interest, such as interest on car loans, personal purchases and home equity debt over $100,000, are not deductible.
Refinanced - Points paid
Asked Friday, August 18, 2000 by an anonymous user
Points paid on a home mortgage refinance cannot be deducted in the year they’re paid unless the money is used to improve the property which is your primary residence.
Generally, points on a refinance must be deducted over the life of the loan. That means, if you took out a refinanced loan for 15 years, you would have to amortize the points over 180 months.
Generally, points on a refinance must be deducted over the life of the loan. That means, if you took out a refinanced loan for 15 years, you would have to amortize the points over 180 months.