Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
baker7229
New Member

Home assessment

Our mortgage went through a loan modification in 2016, are any of the expenses deductible?
1 Best answer

Accepted Solutions
KarenL2
Level 5

Home assessment

Maybe.  A loan modification is often like a refinance.   If yours was done that way, you can deduct any interest or real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that.  (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct? 

https://ttlc.intuit.com/replies/3300426


View solution in original post

1 Reply
KarenL2
Level 5

Home assessment

Maybe.  A loan modification is often like a refinance.   If yours was done that way, you can deduct any interest or real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that.  (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct? 

https://ttlc.intuit.com/replies/3300426


About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v