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    #1

    Points

    If taxpayer has a rental that he refi'd in 2007 and was charged $2,730 for points. Are the points deductible or a portion of the points deductible if none of the monies withdrawn ($86,000) were used for that rental, but $14,000 was used for improvements on two other rentals and $44,000 used for personal, with the remaining $28,000 still in bank.
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    #2
    The $14,000 used for the other rentals

    may be amortized over the life of the loan. The rest is non-deductible.
    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville

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