Expert Alumni

Deductions & credits

Prepaid interest will likely be reported on a 1098 Mortgage interest statement.  I would use the 1098 information but cross-check against the closing papers.  Reported as Mortgage interest on the Schedule E.


For Points, see the discussion here of discount points and origination points.


On rental property, discount and origination points are amortized (spread out) as a depreciation expense over the life of the loan and reported as Mortgage interest on the Schedule E.


Homeowners insurance would be reported as an Insurance premium on the Schedule E.



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