Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
clorynbill
New Member

How do i enter my homes refinance closing fees?

 
1 Reply
Marketstar
Level 7

How do i enter my homes refinance closing fees?

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.

Enter the above expenses in the following areas:

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

2.   Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- (See Did you pay points in 2016 when you took out the loan?) page

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

4.   Mortgage Insurance: Federal Taxes>Deductions& Credits> Your Home> Mortgage Interest, Refinancing, and Insurance

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.

  1. Attorney fees in connection with obtaining property
  2. Commissions
  3. State stamp taxes and transfer taxes
  4. Tax service fees
  5. Title policy fees or title insurance
  6. Miscellaneous abstracts of title, surveys, recording of deed
  7. Appraisal Fee
Dynamic AdsDynamic Ads
Privacy Settings
v