I purchased my main home this year and I want to add my mortgage points on my 2019 taxes. The only options I have is to amortize over the life of the loan or not to report points. I don't see how to add the amount I paid for points of my home loan? Thank you.
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To be eligible to deduct your points all at once, you must meet these conditions:
1. Charging points is normal in your real estate market and the amount of points you paid is reasonable for the market (not excessive).
2. The money is charged as a percentage of the loan balance, and does not pay for any specific service by the bank (such as attorney fee, etc.).
3. You must have paid at closing, at least as much of your own money (cash, check) as the points you want to claim.
4. This is for a first mortgage to buy or build your main home -- the home where you live.
I haven't played with this part of the interview but Turbotax may ask some test questions about this or give you buttons to check that would indicate if your loan qualifies for the lump sum deduction. Run the interview again and check your answers.
I HAVE STARTED THE PURCHASE OF HOME ALL OVER AND TURBO TAX STILL AMORTIZES MY POINTS. I MEET ALL THE QUALIFICATIONS TO DEDUCT IN ONE YEAR. HOW DO I OVERRIDE TURBO TAX?
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