Big question: I closed on a house with the seller paying all of the closing costs, yet I had RE agents and others tell me that I have tax deductions that I can take even though the seller has paid for the balance of my settlement statement. It is the PUB 530 that confuses me in the exception 6 stating that the money I give must be equal or greater than the points. Can I use the 'seller paid per contract (line 209) sum' to compare to the points total in order to claim the points on my taxes? The settlement statement was adjusted so that I paid nothing at closing. The way I see it is that if I paid nothing at down, I can't claim any of the points costs as a one time deduction, but would have to do it over the life of the loan. Is there a loophole I am not seeing?
- posted
17 years ago
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