AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question Thank you for your previous advice. A rental mortgage was refinanced in 2003 and points were paid. Is there a line on Sch E that can be used for the point charge? Sch A deductions are much less than the standard deduction so the points are of no use there. Can total points be deducted in 2003 or spread over the life of the loan? Thank you, Arch
Answer Arch,
Thanks for your question.
Just a point to keep in mind for the future. If it is a rental property, you cannot deduct the points on Schedule A. That is for personal residences only. A rental is a business property.
The points are included on the line for interest. With rental property, you can deduct the points in the year paid if the proceeds are used for improvements of the rental property. Otherwise, they should be amortized.
