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How to deduct mortgage interest, points on taxes

Part 3: Tax advice for homeowners

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(This is Part 3 of a five-part series. Read Part 1, "IRS debunks common tax myths"; Part 2, "Homeowners get good tax news for 2007"; Part 4, "Home sellers keep profits, avoid taxes"; and Part 5, "Understanding Starker exchange rules.") "I'm living so far beyond my income that we may almost be said to be living apart." --E.E. Cummings Are you in the market for a mortgage loan? Whether the loan is to buy a new home or to refinance your existing mortgage, you must shop around. Contact a number of mortgage lenders. Get rate quotes for a fixed 30-year mortgage as well as for adjustable-rate loans. Find out what the monthly payment will be for each type of loan, but then before you make your final decision, plug in the amount of the mortgage interest that you will be able to deduct. How do you do this? Let's look at this example. You find a house that you want to buy and sign a contract for $475,000. You have been saving money for a ...