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amjm18
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Where do I put my origination fees,recording fees from when I refinanced my home

 
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Where do I put my origination fees,recording fees from when I refinanced my home

Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.

  • Attorney fees in connection with obtaining property

  • Commissions

  • State stamp taxes and transfer taxes

  • Tax service fees

  • Title policy fees or title insurance

  • Miscellaneous abstracts of title, surveys, recording of deed

  • Appraisal Fee

 For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.

 On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.

To enter the above:

1.    Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing

2.    Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)

3.    Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4.    Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance

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1 Reply

Where do I put my origination fees,recording fees from when I refinanced my home

Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.

  • Attorney fees in connection with obtaining property

  • Commissions

  • State stamp taxes and transfer taxes

  • Tax service fees

  • Title policy fees or title insurance

  • Miscellaneous abstracts of title, surveys, recording of deed

  • Appraisal Fee

 For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.

 On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.

To enter the above:

1.    Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing

2.    Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)

3.    Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4.    Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance

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