I purchased a home in 11/2003. It was financed using an 80%/10%/10% (1st loan/2nd loan/down payment) format.
The first loan was a conventional 30-year fixed. The second was a 15- year balloon loan. Both were provided by the same lender. The first payment was not due until 1/1/2004.The loans were resold to separate lenders on March 10, 2004 (10% loan) and April 1, 2004 (80% loan).
Here at links to some images of my HUD-1:
Looking at my HUD-1 (page 1 lines 207, 208) it appears that I was charged a 1% lender discount credit for each of the loans. I take that to mean I paid points. It was probably explained to me
5 years ago, but I don't remember.There was also a 1% origination fee on each of the loans (page 2 lines
801, 805), but that seems to be the typical origination fee, and not a code word for points.The 1% discount credit for each of the loans seems to have been rolled into the amount that I borrowed over the entire life of the loans. I recently learned about discount points and that they are normally tax deductible either in full in the same year of the purchase, or over the life of the loan(s).
I just refinanced my home in Feb of this year. I would like to try to get back as much as possible for the interest I paid on the 1% point. I seem to meet all of the requirements for the both the Deduction Allowed Ratably and Deduction Allowed in Year Paid
2) If not, would I need to file separate addendums for past tax years to get a 12 month deduction for the 2005, 2006, 2007 and 2008 tax years? Again, based on the 3 year rule, I may be out of luck for amending tax year 2004.
3) It would seem that I would still be eligible to claim all of the (remaining) points in tax year 20094) Is that cause for concern? Is my copy of the HUD-1 sufficient proof that I paid points on the loans?
Thanks, pimy