Mortgage interest is deductible on your tax return. And you may be able to deduct the points you paid – check your 1098 statement from your lender for the amount. To be deductible, loan points must meet certain requirements, including but not limited to:
• The loan is for your main home
• The charge for points are within normal rates for your area.
• The amount is listed on the settlement statement as charged points.
• You report your income and deduct expenses in the year received or paid (cash accounting method).
For more information on deducting points from your tax return, go to www.irs.gov. For your Bennington, Vermont real estate needs, contact Troy Richardson at RE/MAX Maple Leaf Realty!