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Part II: The Point of “Points”

This post will be part two of our discussion about points. As noted yesterday, deductible points only occur when you incur debt used to purchase or improve your principal residence. However, what about other points incurred for other reasons such as for refinancing of a loan, buying a second home or buying a rental property?...Read More

The Point of Points

The Point of “Points” Points paid, either to purchase or improve your principal residence in the year that you pay them, are deductible in the US! There are some key issues that will be discussed over the next two posts. First, the points MUST exceed your down payment or they will be limited to your...Read More

Bedroom Rentals

For purposes of the mortgage interest deduction, if you rent out part of your principal residence or second home, you may treat the rental portion as your qualifying home if: * The tenant uses the rented portion as a home, * The rented portion lacks separate cooking or toilet facilities, * You rent to less...Read More

Business Trip Expenses

A friend was on a business trip and stayed with relatives. This lead to a question from that friend. “What can I deduct?” The answer for both Americans and Canadians is that you can deduct any out-of-pocket expenses. Thus, if you pay for food or take the relative out to dinner, you can deduct in...Read More

15 vs 30 Year Mortgage

15 or 30 year mortgage: Which is Best? Having a 15 year mortgage is VERY enticing. Let’s face it, you avoid 15 years worth of payments! Moreover, it only raises your payments each month by about 50%. However, despite this, you are usually better off taking the 30 year mortgage. WHY? The answer is flexibility!...Read More