Below is the client letter that Bill and Mercedes’s CPA sent to them. Dear Bill and Mercedes, I enjoyed seeing you last week at the Tampa Bay Boys and Girls Clubs charity auction. What a great event for such a worthy cause! Thank you for requesting my advice concerning the tax treatment of the points paid when refinancing your mortgage. My research is based upon the federal income tax laws that apply as of the date of this letter and the facts that you have provided as follows: Four years ago your credit union provided you a $250,000 interest-only note on your home that required a balloon payment at the end of four years. You chose this type of loan to minimize your mortgage payment until your previous house sold. After 18 months, you sold your previous house and refinanced the original short-term loan with a 15-year conventional mortgage. The credit union charged you $3,000 in points upon the refinancing. After a thorough review of the applicable tax authority
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