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carlynolive06
New Member

I purchased a home in 2017 using the VA loan. The funding fee was not tax deductible that year, but is in 2018. Am I able to claim it on my 2018 taxes?

 
2 Replies
Opus 17
Level 15

I purchased a home in 2017 using the VA loan. The funding fee was not tax deductible that year, but is in 2018. Am I able to claim it on my 2018 taxes?

Sorry, the opposite.

The deduction was added in the middle of the 2017 tax season (Feb 2018) but still expiring at the end of 2017.  You need to amend your 2017 return.

Even if the deduction was allowed in 2018, you can only deduct an expense in the year paid.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
DoninGA
Level 15

I purchased a home in 2017 using the VA loan. The funding fee was not tax deductible that year, but is in 2018. Am I able to claim it on my 2018 taxes?

The VA funding fee was deductible on a Schedule A as Mortgage Insurance on the 2017 tax return.  The Congress authorized the tax extenders in early February 2018 for tax year 2017.  The Mortgage Insurance deduction expired at the end of 2017.  As of this date Congress has not renewed this deduction for tax year 2018.

You can amend your 2017 tax return for the Mortgage Insurance deduction.  See this TurboTax support FAQ for amending a 2017 tax return - https://ttlc.intuit.com/questions/4252298-how-do-i-amend-a-2017-return-in-turbotax

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