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dpwitch
New Member

I refinanced my home and paid points on the new loan. The lender can't get me a 1098. How do I enter the points that I paid into Turbotax?

 
3 Replies
RayW7
Expert Alumni

I refinanced my home and paid points on the new loan. The lender can't get me a 1098. How do I enter the points that I paid into Turbotax?

As far as filing taxes goes, claiming a tax deduction for mortgage points is a fairly straightforward process. Mortgage points are considered an itemized deduction and are claimed on Schedule A of Form 1040. Here are the specifics:

  • Usually, your lender will send you Form 1098, showing how much you paid in mortgage points and mortgage interest
  • Transfer this amount to line 10 of Form 1040 Schedule A
  • If any of your points were not included on Form 1098, enter the additional amount you paid on line 12 of Form 1040 Schedule A

For many taxpayers, the process really is this simple. In some cases, though, calculating and deducting mortgage points can be tricky. With TurboTax, just answer a few simple questions and we can help you get the proper deduction for your mortgage points.

Mike9241
Level 15

I refinanced my home and paid points on the new loan. The lender can't get me a 1098. How do I enter the points that I paid into Turbotax?

when you refinance the points are NOT immediately deductible. they must be amortized over the term of the new mortgage.  there may be a partial exception. points related to any portion of the refi used to substantially improve your home are deductible. 

Beeone
Returning Member

I refinanced my home and paid points on the new loan. The lender can't get me a 1098. How do I enter the points that I paid into Turbotax?

Update, my mistake line 12 is in TurboTax program worksheet. I was looking at the IRS version.

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