A mortgage broker told a homeowner that he could deduct the appraisal fee from his annual gross income for income tax purposes.
Is this true or false ?
A. False
It could be considered a fraudulent misrepresentation of facts regarding the loan from the beginning of the loan process.
Loan discount points may be deducted from a homeowners income, however, for income tax purposes.
The most important thing to remember about points being 100 percent deductible is that points are paid to obtain a specific type of loan. The loan has to be a loan to build, buy or improve (example : add a room) your principal residence.
Comments(0)