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February 7, 2020
Question

Points

  • February 7, 2020
  • 1 reply
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I received a 1098 showing I paid mortgage points on my new home of $4457.  Why did TurboTax amortize the deduction over the life of the loan when it appears I meet all the requirements to deduct it all in one year?  I don't remember them asking me if I met any of those requirements.

    1 reply

    February 7, 2020

    purchase of principal residence -  amortization is not required, fully deductible in year home acquired. 

    amortization required - loans to improve or purchase a second home

    refi loans, home equity loans or line of credit  loans unless used to improve your main home

     

    if points are not supposed to be amortized then you answered some question incorrectly when entering info about the mortgage