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Refund
May Be Due
To the Editor:
You may be entitled to a state and federal income tax refund if you purchased your home after Dec. 31, 1990. Most people do not know of an IRS ruling which now allows you to deduct “points” paid in connection with the purchase of your home, even if the, points were paid by the seller of the property (so-called “seller-paid Points”). A copy of the IRS ruling is available at my office for you (63 Main Street, Warrenton, 118 1/2 E. Main Street, Front Royal). ' The IRS now views the points paid by the seller of the property as an adjustment to the purchase price of the home. The seller is viewed as haying paid the amount of the sellerpaid points to the buyer; the buyer is considered to have used this cash to pay the points charged by the lender.
You can file a separate amended >\ return (Form 1040X for federal tax, If and Form 760 for your VA tax). You • can call the local VA Tax Office at 675-3513 in Rappahannock. The number for your federal tax is 1-800829-1040. You will need a copy of your settlement statement (often referred to as the “HUD-1”) receivedf* at the closing. Try to file both the ! state and federal returns at the same; time. If you bought your house in : 1991, file before Dec. 31, 1994, because of the usual three-year limit on filing amended returns.
You may call me at 341-1993 if you have question or if I can be of help in any other matter.
JAY KATZEN
Del. 31st District
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