Corporate pension plans require periodic updates and IRS filings to maintain creditor-proof status and income tax advantages. Deductibility of home mortgage points. An IRS private letter ruling gives taxpayers more flexibility in cases where they cannot use the full deduction in the current year. A couple paid 1.25 points to buy a house. Because their total itemized deductions for the year, including the points, were less than the standard deduction available to them, they wanted to take the standard deduction and spread the points out over the life of the loan.
Points are prepaid interest payments that are paid to the lender when buying or refinancing a home.
Municipalities may reject cellular towers. The town planning board denied an application to build three 150' cellular phone towers because of the affect on property values and aesthetics. The U.S. Court of Appeals, Second Circuit, ruled that the denial did not violate the federal Telecommunications Act. However, a city or town must allow gaps in coverage to be filled-in with additional towers if current service is inadequate. We are often asked if we have time to serve additional clients.