The funds you supplied at or earlier than closing, plus any points the seller paid, have been at least as much as the points charged. The funds you offered aren’t required to have been utilized to the points. They can embody a down cost, an escrow deposit, earnest money, and different funds you paid at or earlier than closing for any objective. The factors weren’t paid rather than amounts which would possibly be ordinarily said individually on the settlement statement, corresponding to appraisal fees, inspection fees, title charges, legal professional fees, and property taxes. This means you report income in the yr you obtain it and deduct bills in the year you pay them. Interest paid on catastrophe home loans from the Small Business Administration is deductible as mortgage curiosity if the requirements discussed earlier underneath Home Mortgage Interest are met.
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