1.       Loan fee points paid to obtain a mortgage for a Primary Residence in tax year

        Lender points are deductible as itemized interest on schedule A

        The IRS 1098 provided by your lender may not include the loan fee. Review your closing statement!

2.       Loan fee paid to REFINANCE your home

        Refinance points are deductible over the life of the mortgage. 

        For example, a $3000 loan fee on a 30 year mortgage can be deducted at $100 per year

3.       Refinance a prior refinanced loan

        Deduct remaining undeducted loan fee in the year of refinance

        For example, you had $2000 of undeducted loan fees from a prior refinance, deduct the $2000 as a lump in the year of the second refinance

4.       Mortgage prepayment penalties

        If sold or refinanced in tax year, and prepayment penalty was collected, prepayment qualifies as tax deductible interest

5.       Unreimbursed moving costs for a new job location (a 50 mile test applies)

        If you changed residence and job location, unreimbursed moving costs can be deducted if residence movie comes within a 12 month period before or after your movie

        Use IRS 3903 to claim the tax break. 

6.       Uninsured sudden, unusual or unexpected loss

        Losses form fire, flood, hurricane, tornado, accident, theft, embezzlement, vandalism, snow, rain, water damage typically apply.

        SLOW losses like termite damage, dry rot, rust, moths, erosion, corrosions, do NOT qualify.

        Deduction must exceed 10% of adjusted gross income plus $100 floor per event.

7.       Prorated property taxes in the year of the sale or purchase of a home

8.      Prorated mortgage interest in the year of a home sale or purchase

9.   Prepaid property taxes and mortgage interest (e.g.2008 interest paid on 2009)

10.    Ground rent if your home is on leased land