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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?

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‎January 29, 2021 10:06 AM
last updated ‎January 29, 2021 10:06 AM
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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:

 

 

 

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‎January 29, 2021 10:33 AM
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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
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