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At times, the term points is used to refer to different types of charges. Define the term and describe when points are deductible. A point

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At times, the term points is used to refer to different types of charges. Define the term and describe when points are deductible. A point is equal to one percent of the loan amount. Generally, prepaid interest paid in the form of points Points paid on a loan incurred to purchase the taxpayer's principal residence (acquisition indebtedness)

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