What should I enter for this questions as I did pay points in 2019 which I did declare while doing 2019 taxes but it was not counted as I got standard deduction.
You should answer yes. You should have amortized the points over the life of the loan. A portion may still be available, but if you use the standard deduction this year there will be no additional tax break.
Did you pay points in 2019 when you took out the loan?
- We paid points when we refinanced, purchased a second home, or opened a home equity loan in 2019.
- We've already deducted all the points we paid in 2019, or we didn't pay any points.
You should select the first answer - We paid points when we refinanced
Next for this question, I assume I will choose 2:
Is this loan a home equity line of credit or a loan you've ever refinanced?
1. Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).
2. No, this is the original loan I used to buy or build my home.
You are correct. Choose (2)
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
