🚀 go-pugleaf

With regard to deducting points, I agree with the point of
view expressed by this article (N in a series?) namely:

    .......  the CORRECT answer to all such questions is
    this pearl of wisdom taught to me by my father:

        "When in doubt, deduct it!"

But I add the following advice, make sure the amount you report
as mortgage interest reconciles with what the bank reports.

Put the "points" on a separate line and just list the
name of the institution. I was advised not even to mark it special
as "points".

You can still be examined by the IRS and the examiner can
deny your exemption, but the status of points on a re-fi
seem cloudy enough to limit your potential liability to back taxes +
interest (e.g. not penalties).

Disclaimer: I'm not an accountant.

In article <2c733a99.2a75@apollo.uucp> tbg@apollo.uucp (Tom Gross) writes:
>
>    this question KEEPS coming up, without any definitive
>    answer.  the CORRECT answer to all such questions is
>    this pearl of wisdom taught to me by my father:
>
>        "When in doubt, deduct it!"
>
>    If you just follow that rule you will ALWAYS come out
>    ahead.  I am amazed by the number of people who 
>    evidently WORRY about the IRS finding an error in 
>    their return.   For god's sake, DEDUCT THE POINTS,
>    if it turns out that you aren't supposed to deduct
>    the points the IRS will TELL YOU THAT, if they even
>    notice, then you MIGHT HAVE TO PAY A LITTLE MORE OR
>    GET BACK A LITTLE LESS.

   Doesn't it bother you at all to break the law?  And to steal (yes,
*steal*) from other Americans.  I don't see how you can give any other
name to knowingly (or at least negligently) filing a false income tax
return.
   From the point of view above you should lie through your teeth.
Your chances of even being audited are no more than one in 50-100;
the penalties would have to be pretty steep to make your expected
return negative.
   I really do despise you.  You seem to have no sense of personal
integrity or honor.  And it doesn't bother you to steal from others.
Pretty sick in my view.  Fortunately the majority (at least for the
moment) seem to agree with me, so the whole society of the United
States doesn't collapse...

   -- David desJardins

In article <12384@ucbvax.BERKELEY.EDU> (David desJardins) writes:

 In response to <2c733a99.2a75@apollo.uucp> (Tom Gross) who wrote:
>>
>>        "When in doubt, deduct it!"

> Pretty sick in my view.  Fortunately the majority (at least for the
> moment) seem to agree with me, so the whole society of the United
> States doesn't collapse...
> 
>    -- David desJardins

The structure of society in this country requires a majority to 
truckle to the I.R.S.?  How far we've come (he says sarcasitcally)!

-- 

Warren N. Shadwick
... ihnp4!uw-beaver!tikal!shad