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Old 02-23-2013, 05:09 PM
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Question Lender paid point deductible?

According to IRS pub 530, in the closing cost for the purchase of a rental house, "The buyer treats seller-paid points as if he or she had paid them. If all the tests listed earlier under Exception are met, the buyer can deduct the points in the year paid. If any of those tests are not met, the buyer must deduct the points over the life of the loan. The buyer must also reduce the basis of the home by the amount of the seller-paid points."

So my question is how about lender paid point? Can I deduct it over the life of the loan as long as I've reduced the basis of the rental house by the amount of the lender paid point? It seems to me the answer should be yes but I really can not find a good answer anywhere.

Your reply is greatly appreciated!



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