Tax Year 2016: My 1098 from both lenders - before and after refinancing - is not showing all property tax paid on my main home in 2016. How should I enter it in Turbotax tax return?

hd-savage — Tue, 02 May 2023 15:49:31 GMT

Also points paid during refinancing are not on either 1098. Are they deductible? How to enter them?

It is common with a refinance for all the property taxes...

KarenL2 — Tue, 04 Jun 2019 22:03:00 GMT

It is common with a refinance for all the property taxes to not be on the Form 1098. You can still deduct them in the Your Home area of TurboTax. The same is true for points.

Your points and pro-rated interest also goes in the same area as your regular mortgage interest. When you enter the new mortgage interest, the software will ask you questions about the new loan and you will be able to select that it was a refinance and the appropriate questions will show up as you go through the section.

Federal Taxes tab (Personal in the Home and Business Version)
Deductions and Credits
Your Home
Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)

You can deduct any interest or real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct?

https://ttlc.intuit.com/replies/3300426

topic Tax Year 2016: My 1098 from both lenders - before and after refinancing - is not showing all property tax paid on my main home in 2016. How should I enter it in Turbotax tax return? in Deductions & credits

Tax Year 2016: My 1098 from both lenders - before and after refinancing - is not showing all property tax paid on my main home in 2016. How should I enter it in Turbotax tax return?

It is common with a refinance for all the property taxes...