Points Paid to Refinance a Mortgage on a Principal Residence

question 2

True/False

Points paid to refinance a mortgage on a principal residence are fully deductible in the year paid.

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Definitions:

Special Circumstances

Specific conditions or facts that can affect the outcome of a legal proceeding or the application of laws.

Contract Itself

The physical document or legally binding agreement that outlines the terms and conditions agreed upon by the parties involved.

Common Law

A legal system based on custom, court rulings, and past legal precedents rather than on written laws.

UCC

The Uniform Commercial Code consists of legal standards and rules that regulate commercial or business agreements and transactions.