Solved
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?
No, points are not the same as origination points. Origination points are not deductible on non-rental property.
- See the TurboTax FAQ What are points?
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:
- Can I deduct mortgage points?
- What kinds of refinancing costs can I deduct?
- I refinanced my home, what can I deduct?
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