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If you recently purchased a new home or piece of property, you can deduct the interest from your closing costs. However, origination fees and/or points paid on a refinancing must be amortized over the life of the loan, whereas if you purchased a home, they are deductible. No other closing costs are deductible. Did you know it is better to file a joint return even when your spouse's income is significantly less than yours?
|Jennifer Mathes, Ph.D.|