turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yes No
American82686
Level 2

1098

We refinance our home in 2020, the 1098 received did not show points paid, but the paperwork on closing costs show an origination/administration fee.  Is this the same as points and deductible?

posted
‎January 29, 2021 10:06 AM
last updated ‎January 29, 2021 10:06 AM
0
1
440
Reply
Bookmark Icon
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
HelenC12
Expert Alumni
Expert Alumni

1098

No, points are not the same as origination points. Origination points are not deductible on non-rental property.

 

In real estate, a point is an amount equal to 1% of the mortgage. A point on a $120,000 mortgage is worth $1,200, 2 points are worth $2,400 and so on.

  • Origination points are charged by lenders to cover loan processing costs. Sometimes they'll also include fees for appraisals, inspections, title, attorneys, notaries, and real estate taxes.

Related information:

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

‎January 29, 2021 10:33 AM
433
Reply
Bookmark Icon
1 Reply
HelenC12
Expert Alumni
Expert Alumni

1098

No, points are not the same as origination points. Origination points are not deductible on non-rental property.

 

In real estate, a point is an amount equal to 1% of the mortgage. A point on a $120,000 mortgage is worth $1,200, 2 points are worth $2,400 and so on.

  • Origination points are charged by lenders to cover loan processing costs. Sometimes they'll also include fees for appraisals, inspections, title, attorneys, notaries, and real estate taxes.

Related information:

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 29, 2021 10:33 AM
434
Reply
Bookmark Icon

Still have questions?

Make a post
Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics
Live Full Service: Taxes Done for you! Get matched with a local tax expert who can do your taxes, start-to-finish, the same day. Start for free!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

henscheid
fchiappara
NameForYou
annakniker-gmail
susannawtang

Did the information on this page answer your question?

thumb-up Yes
thumb-down No
close icon
checkmark

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

and start working
on your taxes

File your taxes, your way

Get expert help
or do it yourself.

Get started
close icon
icon help

Access additional help, including our tax experts

Post your question

to receive guidance
from our tax experts and community.

Connect with an expert

Real experts - to help
or even do your taxes for you.

Get started
Manage cookies