Deducting Points & Origination Fees

[DavesRentals]

I purchased a primary home in 2023 and paid points to lower the interest rate and origination fees. When entering these amounts in TT, it says that points if you purchased your home in 2023 then we'll deduct all the points on your current tax return rather than amortize them.

However, once I input the numbers, it DOES amortize them and only gives me $28 deduction. This is not a second home nor a HELOC. I sold my previous primary residence 6 weeks after buying the new house - both were primary residences.

I paid some mortgage interest at closing to cover that month. The loan was immediately sold to another lender so my first full mortgage payment was to the new lender.

Why is it amortizing the points and how do I get it write off the full amount this year?

[tagteam]

https://www.irs.gov/taxtopics/tc504

[DavesRentals]

My question was not whether or not I can deduct the points but how to get the TT software to not amortize them. I meet the criteria for deducting the points - even the TT info box stated that. Your link to the IRS website is not helpful & irrelevant. Please read the question carefully before responding. 

I managed to fix the issue by going into Form mode - even though I had answered the questions correctly, the worksheet had marked that I had points that had to be amortized - I have no idea how the software selected that but at least its correct now.

[Critter-3]

Much of the 2023 program is still under construction and there will be many many updates to come in the next couple of weeks.  There are no bugs or program errors until after the estimated date of availability (1/17/24 estimated for the Sch A) which you can check by either clicking on the REVIEW tab in the program  or  going online here :  https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...