Hi- how do i amortize mortgage points?

[stjude12*]

Hi- I used an accountant last year and he started to deduct my refinanced mortgage points by amortizing the points. How can I continue the amortization in turbotax?

[ColeenD3]

Where you enter the points depends on whether the house is your home or a rental. 

Assuming it is your home, enter it under Your Home and then Mortgage. Follow the interview and answer the questions. You will be asked if you refinanced.

[stjude12*]

I am looking amortize the points- how do I do that?  

[KrisD15]

You need to know how much the points were (initial fee) and the length of the loan. 

Figure the length of the loan as MONTHS (number of years x 12) 

Take the amount of the points and divide by the number of months. 

Now you have a monthly rate. 

If you carried the loan all year, and it sounds like you did, multiply this monthly amount by 12 for the year (2021) amount. 

You will need to go back to figure how many months you claimed on the first year so you know how many months are left to claim the amortized points going forward.