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cjacoobs
New Member

Can i deduct mortgage orgination fees from previous year?

I purchased a home in 2015, paid fees to acquire the mortgage and did not benefit from 1st time home buyer credits. Is it possible for me to itemize my deductions for 2016 to reflect these additional tax breaks? Thanks.
1 Reply
MichaelL1
Level 15

Can i deduct mortgage orgination fees from previous year?

The total loan origination fees on a purchase of a new home are deductible in the year of purchase or deducted over the life of the loan. 

You can't deduct all of the loan origination fees paid in 2015, on the 2016 return, unless you spread them over the life of the mortgage.

For example, lets say the total loan Origination fees were, $2,500.  Then $100 is deducted each year on a 25 year mortgage ($2,500/25 years = $100)

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