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wendylin118
New Member

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

 
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DianeW
Expert Alumni

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

You can add this as additional mortgage interest and check that it doesn't match a Form 1098.  As long as you have the records to document this expense you will be all set.  Choose to "add a lender". Enter the remaining points from your refinanced loan that was paid off.

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5 Replies
DianeW
Expert Alumni

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

You can add this as additional mortgage interest and check that it doesn't match a Form 1098.  As long as you have the records to document this expense you will be all set.  Choose to "add a lender". Enter the remaining points from your refinanced loan that was paid off.

jchen50
New Member

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

I' using the online product and I don't see any place where to add this without forcing it to assume it's a 1098.

SForrestLO
Employee TurboTax Specialist

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

See this Turbo Tax FAQ. 

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-1098-mortgage-interest...

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jchen50
New Member

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

You misunderstood my point. Im trying to deduct remaining points paid when I refinanced INTO the loan. Now that I have refinanced OUT theres no place to put it without it being amortized over 30 years.

Irene2805
Expert Alumni

How to deduct remaining loan point if the loan is paid off early and no new loan? Where to put the deduction in Turbo tax? or you just enter it as an expense by yourself.

I'm not sure what you mean by "refinanced out."

 

If you paid off the loan that included the points and did NOT get a new loan, or refinanced with a different lender, add the amount of the points to the interest you paid  reported on Form 1098.  Be sure the mark the box below box 1, The interest amount I entered is different than what's on my 1098.

 

If you refinanced the first refinance with the same lender, you can't deduct any remaining balance of points. Instead, deduct the remaining balance over the term of the new loan. 

 

 

@jchen50

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