topic I refinanced and need to amortize points over the life of the mortgage. I checked the box yes to amortize the points. Where does this information get entered? in Deductions & credits

I refinanced and need to amortize points over the life of the mortgage. I checked the box yes to amortize the points. Where does this information get entered?

marchklett — Sat, 20 Mar 2021 16:26:11 GMT

Answers from a year ago say to delete the lender entry and re-enter it. That did not work.

Re: I refinanced and need to amortize points over the life of the mortgage. I checked the box yes...

KrisD15 — Sat, 20 Mar 2021 22:33:30 GMT

It should be in Box 6 on the 1098.

When you enter the 1098, that should be entered into the entry screen.

Re: I refinanced and need to amortize points over the life of the mortgage. I checked the box yes...

marchklett — Sun, 21 Mar 2021 12:20:47 GMT

There is no place to enter box 6. The Turbotax entry screen has box 5, then property taxes paid, then box 7.

Re: I refinanced and need to amortize points over the life of the mortgage. I checked the box yes to amortize the points. Where does this information get entered?

Carl — Sun, 21 Mar 2021 14:12:30 GMT

Is this for a rental property being reported on SCH E? If so, it gets entered in the Assets/Depreciation section if it's not already there.

- On the Your Property Assets screen, Click the Add An Asset button

- Select Intangibles/Other Property and continue

- Select Amortizable Intangibles and continue.

- Call it something like Refi Fees, enter the amount, the closing date of the loan and continue

- Select purchased new, select used 100% for business, enter the closing date again, and continue.

- Select 163:Loan Fees and continue.

- Enter the length of the loan. Typically 15 years or 30 years. Then continue.

- Review the details if you want, then click continue, and you're done.

Re: I refinanced and need to amortize points over the life of the mortgage. I checked the box yes to amortize the points. Where does this information get entered?

marchklett — Sun, 21 Mar 2021 15:09:25 GMT

This refinance was for my home that I live in. I do not own any other residence and do not have a business.

Re: I refinanced and need to amortize points over the life of the mortgage. I checked the box yes to amortize the points. Where does this information get entered?

Carl — Sun, 21 Mar 2021 18:37:01 GMT

Unfortunately then, your financing fees are not deductible. Your only deductions are on SCH A, and they only thing you can claim is Mortgage Interest (including the interest pre-paid at the closing) and property taxes. That's it. On top of that, if the total of all your SCH A deductions don't exceed your standard deduction, they make no difference to your tax liability anyway.