Though one-time lender fees are typically deducted in the same year that a house is purchased, many homebuyers do not have enough deductible expenses to itemize during their first year of ownership. This is especially true if they closed the transaction at the tail end of the year.

However, the IRS allows mortgage points - which often amount to thousands of dollars - to be gradually deducted over the life of the loan. This enables buyers who claim the standard deduction in the first year of homeownership to deduct the points later on when they are in a position to itemize.

Tax Tip: For Homebuyers Who Can't Itemize, Boston Globe (04/11/02) P. C3. Abstracts Copyright © 2002; Information Inc., Bethesda, Md.