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Point Deduction

March 04, 1990

In reference to "How to Handle Loan Refinance Deduction" under the article entitled "Discounted Mortgages Are High Yield" (Special to The Times, Feb. 11), you indicated that the loan fees one pays to refinance the mortgage on the principal residence and the vacation home can be deducted on their income-tax return but must be amortized over the life of the mortgage. Also, you stated that "they cannot be fully deducted in the year you obtain the refinanced loan."

This is not always the case. One can fully deduct the loan fee in the year that one has acquired the refinanced loan if one decides to pay the entire loan fee with a separate check during the year that one has obtained the refinanced loan.

TODD P. SILVERSTEIN

Studio City

Silverstein is president of California Trust Deed & Mortgage.

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