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Posted by polowhitfootfromoverhill-17 on March 12, 2007, 4:54 am
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Big question: I closed on a house with the seller paying
all of the closing costs, yet I had RE agents and others
tell me that I have tax deductions that I can take even
though the seller has paid for the balance of my settlement
statement. It is the PUB 530 that confuses me in the
exception 6 stating that the money I give must be equal or
greater than the points. Can I use the 'seller paid per
contract (line 209) sum' to compare to the points total in
order to claim the points on my taxes?
The settlement statement was adjusted so that I paid nothing
at closing. The way I see it is that if I paid nothing at
down, I can't claim any of the points costs as a one time
deduction, but would have to do it over the life of the
loan. Is there a loophole I am not seeing?
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