hebrewjr
New Member

Get your taxes done using TurboTax

@DianeW777 thanks for the clarification on this thread, I'm running into the same issue, I refinanced and received the associated 1098 for the new loan, but the lender did not include the dollar amount I paid for the points (box 6 says .00).  I called them, they said they dont report it on the 1098, just use the value from the final closing statement document they sent me.  

 

If I enter these points as an additional 1098 in Turbotax, do you know if that actually gets listed as a 1098 when my taxes are submitted to the IRS?  Or does that get translated and documented on the Schedule A?  I want to avoid reporting a 1098 in my taxes that subsequently does not get reported from my lender (which would not line up on the IRS side and I imagine could trigger an audit).  

 

Also Turbotax states that you must amortize the points over the lifetime on the loan, but when I go to the screen that says "Tell us about the points paid to <lender_name>", on the checkbox that says "I'm spreading the points over the life of my loan (amortizing)", clicking "Learn More", the subsequent help window says "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 lifetime of the loan".  That seems to contradict everything else I read where you are required to amortize the points over the lifetime of the loan when its a refi.  Can you confirm what is supposed to be done here?