Are points deductible?

If you are a City of Charlottesville and surrounding Albemarle County buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your City of Charlottesville and surrounding Albemarle County area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.

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