Mortgage points are amortized over the life of the loan unless a portion of the loan was used for an improvement to the house and you meet these requirements.
Amortizing just means taking a portion of the deduction each year. For example, if you have a 30-year mortgage and paid $3,000 in points, your deduction would be $100/year for the next 30 years or until the loan is paid off.
You must amortize the points for a refinance unless you refinance solely to pay for an improvement to your home. TurboTax will automatically calculate the correct deduction based on the points paid and the length of the loan.
