Are mortgage points deductible in the yr of pmt or do I spread them over life of loan?

Question by Surjit T: Are mortgage points deductible in the yr of pmt or do I spread them over life of loan?
I am a 1st time home buyer and am in a high tax bracket (33%). I am considering whether I should accept points and buy down the rate and claim all the points (approx $ 11,000) in the current year when I file my returns next year? This is not a refinance mortgage.

Best answer:

Answer by Casey J
You spread them over several years – usually three.

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