Let's review some of the questions about the original loan (which should have a zero balance).
- Yes, secured by a property you own.
- Yes, new loan on which you paid points.
- Yes, bought your main home with this loan.
- Enter points paid on this loan.
- Yes, loan was paid off. (This box appears under the dollar amount of points paid.)
- Yes, this is the most recent 1098. (Revised instructions)
- Not a HELOC or refinance.
- Yes, used this loan only on the home.
For the new loan (which should have an outstanding balance):
- Yes, secured by a property you own.
- Yes, bought your main home with this loan.
- (No points paid on this loan.)
- Yes, this is the most recent 1098.
- Not a HELOC or refinance.
- Yes, used this loan only on the home.
On a test return, the answers above produce deductible points that flow to Schedule A Line 8a.
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