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IS THE ORIGINATION "POINT" DEDUCTABLE?? YES! The IRS says so!
Here is one that I almost missed re-blogging! When it comes to what is deductible from the IRS I agree with Lenn, GO TO THE IRS WEBSITE to find out, don't ask the closer, realtor, lender or your great grandmother!
IS THAT ORIGINATION POINT ON YOUR HUD-1 DEDUCTIBLE?  READ THE IRS WEB SITE AND THE ANSWER IS PROBABLY YES, YES, YES.
YOU'D BE SURPRISED HOW EASY THE IRS WEB PAGE IS TO READ.    
Agents and loan officers sometimes advise buyers and sellers about the deductablity of the certain items on the HUD-1. 
For instance, home buyers often ask their real estate agent or loan officer questions about detectability of closing costs.  Sellers ask too, but not as often.  Buyers often depend on the detectability of mortgage interest to bridge the gap between renting and buying.  Clearly, the higher the income, the more valuable the tax deduction is to a home buyer. 
DON'T GIVE TAX ADVICE.  Send that buyer to the IRS web page and let them read the section on HOME MORTGAGE INTEREST AND POINTS.  However, many agents and loan officers make the mistake of telling buyers that the discount point is deductible but that the "origination fee" is NOT.  WRONG!!  
THE ORIGINATION ... more

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