topic Re: Deducting Points in Deductions & credits

Deducting Points

wjereb — Tue, 01 Apr 2025 13:12:57 GMT

I bought a new home in June 2024 and was charged points on the mortgage. The original mortgage was sold almost immediately so I received two 1098's. Once my old home sells I intend to pay off the new mortgage. TTax is only letting me amortize the points over the life of the loan but I want to deduct all of it in 2024. I've searched other posts and followed their directions but to no avail. I was thinking about just doing an override. Any ideas?

Re: Deducting Points

AnnetteB6 — Tue, 01 Apr 2025 15:18:05 GMT

As you go through the screens to enter the information about your mortgage interest and points, pay close attention to the page with the title Tell us about any points paid.

On that page there is a list of checkbox items. Be sure that the boxes for This s a new loan on which I paid points in 2024 and I bought or improved my main home with this loan in 2024 are both checked.

This will allow the full amount of the points to be deducted on the 2024 tax return.

Re: Deducting Points

wjereb — Fri, 04 Apr 2025 11:26:16 GMT

That worked. Thank you!