I paid a flat fee to reduce the interest rate on my rental property mortgage, but left all other terms as-is. I see a place to add deductions for refinance fees, but the wording there does not apply to a rate modification.
The fee you refer to is commonly referred to as Points, and yes you can enter them into the Mortgage Interest and Refinancing (Form 1098) section of TurboTax.
To enter your 1098 Mortgage Interest statement.
Enter your information here.
Note: if you enter your property taxes from your 1098 you will not have to enter them again in the property tax section
The fee you refer to is commonly referred to as Points, and yes you can enter them into the Mortgage Interest and Refinancing (Form 1098) section of TurboTax.
To enter your 1098 Mortgage Interest statement.
Enter your information here.
Note: if you enter your property taxes from your 1098 you will not have to enter them again in the property tax section
Thanks for the reply @JohnB5677 . Just to be clear, nothing in my Mortgage Rate Modification paperwork mentions points and this value is not included in the 1098 form I received from my credit union. Would I still characterize this as points for my taxes?
That is okay and anticipated. If you look at the entry screen it says:
Tell us about the points you paid on your mortgage
You can get a deduction for the points you paid on your home loan, but we'll have to spread out the points over the life of your loan (amortize your points). Learn more
These points may not always appear on your 1098, but will be reported on your Closing Disclosure or HUD-1 as origination charges.
You can enter them here.