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Is a rate lock fee that is part of closing costs tax deductible? It shows under origination charges so not sure if I include that amount with "points paid"

I paid 4786.15 in points and paid for an extended rate lock with 4137.82. For a total origination charge of 8923.97. Is the deduction only for the points amount or the total origination cost?
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1 Reply
PatriciaV
Employee Tax Expert

Is a rate lock fee that is part of closing costs tax deductible? It shows under origination charges so not sure if I include that amount with "points paid"

Mortgage "points" are prepaid interest and are generally deductible. Costs to guarantee an interest rate or other loan fees are not considered points and as such are not deductible. These closing costs are included in your basis (purchase cost) of the asset.

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