I have three mortgages in 2024:
1. My initial primary residence, which was converted to a rental property -- still have this mortgage.
2. Mortage to purchase a new primary residence.
3. Refinanced mortgage #2 later in 2024.
Points are being amortized for loan #1 ($367) and correctly flowing from Home Int Wkst to Ded Home Mort Worksheet.
Points paid for purchase of new home, on Home Int Wkst show as "Deductible Points" in the summary near the bottom, but that $8,150.65, goes nowhere. These should be deductible in 2024 since I both got and refinance this mortgage in 2024, so amortizing them over the life of the loan doesn't apply.
More points were paid when I refinanced and the Home Int Wkst properly calculates the amortization amount of $121 but, again, that amount doesn't go any where.
When I look at my Ded Home Mort worksheet is only shows the points from the original loan ($357) instead of being $367 plus $8,150.65 plus $121 or a total of 8,638.65. This, of course, makes a HUGE difference in my tax situation!!!