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firebirdta500
June 1, 2019
Question

Where to enter Refinance Info

  • June 1, 2019
  • 1 reply
  • 0 views
Where do I enter the cost of refinancing.  I have a 1098 from the lender for interest paid but where do I enter the approx. $4000 for the refinance fee?

1 reply

P
PaulaM
Employee
June 1, 2019

Only the portion of the loan costs that represents points are deductible. Points on a refinance will need to be amortized over the life of the loan, unless the loan was used to improve your main home. 

Enter points that you paid (shown on the closing statement) and not reported on a 1098, as if you did receive a 1098. It will flow to the correct line on your schedule A. To navigate back to the section:

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type '1098' in the box, then select GO

Select the 'add a lender' link. See attachment.

https://www.irs.gov/pub/irs-pdf/p936.pdf

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