Question

I refinanced and need to amortize points over the life of the mortgage. I checked the box yes to amortize the points. Where does this information get entered?

Forum|Forum|5 years ago
March 20, 2021
2 replies
0 views

Answers from a year ago say to delete the lender entry and re-enter it. That did not work.

TurboTax Online

It should be in Box 6 on the 1098.

When you enter the 1098, that should be entered into the entry screen.

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M

marchklettAuthor

There is no place to enter box 6. The Turbotax entry screen has box 5, then property taxes paid, then box 7.

Carl11_2

Employee

Is this for a rental property being reported on SCH E? If so, it gets entered in the Assets/Depreciation section if it's not already there.

- On the Your Property Assets screen, Click the Add An Asset button

- Select Intangibles/Other Property and continue

- Select Amortizable Intangibles and continue.

- Call it something like Refi Fees, enter the amount, the closing date of the loan and continue

- Select purchased new, select used 100% for business, enter the closing date again, and continue.

- Select 163:Loan Fees and continue.

- Enter the length of the loan. Typically 15 years or 30 years. Then continue.

- Review the details if you want, then click continue, and you're done.

M

marchklettAuthor

This refinance was for my home that I live in. I do not own any other residence and do not have a business.

Carl11_2

Employee

Unfortunately then, your financing fees are not deductible. Your only deductions are on SCH A, and they only thing you can claim is Mortgage Interest (including the interest pre-paid at the closing) and property taxes. That's it. On top of that, if the total of all your SCH A deductions don't exceed your standard deduction, they make no difference to your tax liability anyway.