mortgage interest

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Article #1060

#1060

From: Mike Colbert
Date: Tue, 12 Jan 1993 19:22

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Hello,

I recently (Nov. '92) purchased a house.  I took a 2-1 buydown for
various reasons and now I have a question.  If I make a payment of
X dollars and there is an assistance payment of Y dollars such that the
interest payment is the same as it would be for the 3rd year's interest rate,
do I get to deduct all of that interest as mortgage interest.  I assume
I do because I am paying the assistance payments somehow.  I suppose they
came from the points which the seller and I paid.

Thanks,
Mike Colbert

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Path: arc1-ca.pugleaf.net!sparky!uunet!olivea!spool.mu.edu!darwin.sura.net!ra!s6550b.nrl.navy.mil!colbert
From: colbert@s6550b.nrl.navy.mil (Mike Colbert)
Newsgroups: misc.taxes
Subject: mortgage interest
Message-ID: <C0r9tL.DzL@ra.nrl.navy.mil>
Date: 12 Jan 93 19:22:32 GMT
Sender: usenet@ra.nrl.navy.mil
Organization: Naval Research Lab, Washington, DC
Lines: 12