Proposition 60; Proposition 90

Copyright 1996, Marc S. Weissman
Weiss & Weissman, San Francisco, California
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HOME MORTGAGE INTEREST DEDUCTIONS:

If your home (or a second home) was purchased or refinanced:

Before October 14, 1987, all interest paid is fully deductible, without limit.
After October 13, 1987, if the mortgage (up to $1 million) was used to purchase, build or improve your home or second home, interest is deductible. In addition, interest on debt up to $100,000, secured by the home, used for any purpose, is deductible.

Refinancing of eligible debt results in fully deductible interest.

POINTS:

Points on purchase are generally fully deductible. Points on refinance are amortized over the life of the loan. If you refinance again, the previously unamortized points for the old loan become fully deductible.

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