Question
Not all Mortgage Points are deducted for a home purchased in 2020. Why?
On our 1098 form, it is written in box 6, we paid $1117 points.
In your Tax Guidance it is written "Note: If you purchased your home in 2020 or refinanced it to make improvements, we'll deduct all of your points on your current tax return rather than amortize them over the life of the loan." We purchased our home in 2020. The mortgage is for 30 years starting in 2020. However, instead of getting all the points deducted, TurboTax is getting only $37 deducted. Why?
