Question

Claiming amortized mortgage points

Forum|Forum|6 years ago
March 11, 2020
1 reply
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How do I claim the remaining points from a refi. The bank I refi'd with sold the mortgage and I still have 6 years left to get the full credit. I've always included the Bank I refi'd with and just but in the year's value of the points. This year, Turbo Tax won't let me do that without putting in a value of the mortgage - which I assume would be "0" since I've already used the actual mortgage value with the mortgage holder.

There was no cash out or home upgrades in the refi.

J

JamesG1

You should be able to enter the points in TurboTax. Follow these directions.

At the screen Did you pay points when you took out the loan, click We paid points.
Input the terms of the points at the screen Tell us about the points you paid.
At the screen Was this loan paid off or refinanced, click on Yes.
If you meet the qualifications for the points, you should be able to deduct the balance of the points.