Author: Dave Boike, Retirement Resources

With interest rates at near-historic lows, odds are good that you've refinanced your home a time or two over the last few years. If so, any points you paid to refinanced can be deducted for the life of the loan at a $10 per-month basis. While these deductions aren't substantial, they do add up over time. For example, if you refinanced your house's mortgage on July 1, 2011 for a 20-year term, six of 240 months will have gone by before year's end. Therefore, if you paid $2,400 in points, that's a $60 write-off. You can continue to take a $120 annual deduction until you've deducted all your points in full.