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Where do I enter mortgage points for a rental home 2023

I purchased a rental home in October 2023 and paid $3,095 in points. Turbo Tax does not prompt me to enter this information anywhere. This should be ammmortized I believe over the life of the loan. Where do I enter this $3,095? Thanks. 

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1 Reply
DianeW777
Expert Alumni

Where do I enter mortgage points for a rental home 2023

Yes, you are correct.  The amortization is entered as an asset and you select the information noted below.

 

  1. Sign into your TurboTax Account > Search (upper right) > Type rentals > Press enter > Click on the Jump to .... Link
  2. Edit beside the rental you want to work on > Scroll to Assets > Edit
  3. Select Yes to go directly to the asset summary >
  4. Add or Edit the asset for the loan refinance costs > Select Intangibles, Other Property > Continue
  5. Select Amortizable intangibles > Continue > Enter the details about your costs including the refinance date
  6. Continue > Select the Code Section 163 for loan fees > Enter the useful life (number of months of the loan)
  7. The final screen will show the deduction.  
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