Yes, The closing cost that is tax deductible on your income tax is the origination fee or discounts reported on form 1098 Mortgage Interest Statement, if qualified. The prepaid real estate taxes and mortgage interests should be included on your 1098 Mortgage Interest Statement. To enter the deductible origination fees or discounts in Turbo Tax:
- In Federal, jump to Deductions and Credits.
- Select Mortgage 1098
- Enter your mortgage information, click continue.
- On the question :"Did you pay points in 2020....?", select "we paid points...
- Enter the amount of points reported on Form 1098.
