Amortizing after claiming Points fully

[ragavendramurthi]

I claimed my Mortgage points $995 (origination fees) fully on 2017 , But this year I had more deductions the actual Federal tax amount (~ over $1000), so that I got  all my  federal tax back . I started amortizing my origination fee since 2018 . Is this the right thing to do?

[VictoriaD75]

If you claimed all of the mortgage points in 2017, there would be nothing left to amortize in 2018 unless you refinanced your mortgage. In the year of purchase, you are able to deduct the fees. You do not amortize them. However, if you refinance, the points are amortized. Either way, the total may be taken one time over the life of the loan. If this is the same loan, and you took a deduction for the total amount in 2017, you should not have anything left to deduct in 2018 or subsequent years.

Home Mortgage Points

Publication 936