Are seller-paid
points deductible?
As of Jan. 1,
1991, homeowners have been able to deduct points paid by the seller. This
deduction previously was reserved only for points actually paid by the buyer.
Are taxes on
second homes deductible?
Mortgage interest
and property taxes are deductible on a second home if you itemize. Check with
your accountant or tax adviser for specifics.
Can I deduct the
loss I suffered when I sold my home?
The Internal
Revenue Service currently does not allow deductions for losses on the sale of
your own home. In fact there's no way to use a loss on the sale of your
principal residence to your advantage on your income tax return.
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