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Updated over 6 years ago on . Most recent reply

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Gipsy Field
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Mortgage points buydown tax deduction

Gipsy Field
Posted

I bought  a triplex December 20, 2018, I live in one unit and rent the other two. I bought down the mortgage interest rate by paying 7.5 points. my tax preparer said to wait until next year and take the deduction credit in 2019 taxes since I only owned the property for 10 days in 2018. I was doing a lot of research and it says to take the deduction the year I paid the point buy down to take the full credit at once otherwise the credit is amortized over the years. Anybody know about this?

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