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vp1842
New Member

I refinanced my home in 2016?

I never was asked to provide info on my refi I need help

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Accepted Solutions
DianeW
Expert Alumni

I refinanced my home in 2016?

The expenses that could be used on a refinance loan for your home is mortgage interest and property tax if you are able to itemize deductions.  Enter the information by following the steps below and TurboTax will calculate your total deductions and take either itemized deductions or the standard deduction, whichever is best for you.

  • Note:  If any points were paid they must be deducted equally over the life of the loan for any portion of the loan that repaid the previous loan.  If, however, you borrowed additional money and that money was used to build or improve the home then you can deduct that portion of the points in full in 2016.  
    • Example:  Points paid are $2500 and the loan is for 30 years or 360 months then the monthly deduction for points is $7/mo ($2500/360).  

To record these expenses while you are logged into your TurboTax Premier account:

  • In the search box type itemized deductions
  • Jump to itemized deductions
  • Continue to answer the questions and enter the information

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1 Reply
DianeW
Expert Alumni

I refinanced my home in 2016?

The expenses that could be used on a refinance loan for your home is mortgage interest and property tax if you are able to itemize deductions.  Enter the information by following the steps below and TurboTax will calculate your total deductions and take either itemized deductions or the standard deduction, whichever is best for you.

  • Note:  If any points were paid they must be deducted equally over the life of the loan for any portion of the loan that repaid the previous loan.  If, however, you borrowed additional money and that money was used to build or improve the home then you can deduct that portion of the points in full in 2016.  
    • Example:  Points paid are $2500 and the loan is for 30 years or 360 months then the monthly deduction for points is $7/mo ($2500/360).  

To record these expenses while you are logged into your TurboTax Premier account:

  • In the search box type itemized deductions
  • Jump to itemized deductions
  • Continue to answer the questions and enter the information
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