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New Member

Morgage Points 2009

The step by step instruction asked me if I ever listed my Points from my previous loan. I refinanced the house in 2016. I claiming my points for 2016. But, would like to revisit the GUE for my previous mortgage. Why, I skipped the step, I did some research on 2009 tax return and found out I did not claim my points of $1500.00 on my return. So I would like to claim it now in 2016.
Thanks for your assistance
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Accepted Solutions
Expert Alumni

Morgage Points 2009

Points that were paid on the original mortgage must be deducted in the year paid (2009, if this was an original loan and not a refinanced loan).  It is not an option to deduct them in the current year and the statute of limitations has run out for 2009, which means an amendment will not produce a refund.

Refinance Loans

If the points you are referring to are from a refinanced loan that was taken out in 2009, then you can prorate the points over the life of the loan and take the annual deduction for 2016. If you used a different lender for the new refinanced loan (not the same lender as the 2009 refinanced loan) , then you can take the balance of the points that would be available for 2016.

If the lender now is the same lender used for the 2009 refinanced loan then the remaining points must be added to the points for the new loan and the combined total prorated over the life of the loan and deducted each year.

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3 Replies
New Member

Morgage Points 2009

Ok, if I did not claim any points from Oct 2009 till March 2016 on a previous refi in (2009) with a different lender; and after I figure the number of months of that loan, 30 years or (360 months). So, what I think you stated is ----- starting on Oct 2009 till Dec 2015 (75 months), I'm not able to claim the points? But any remaining points (285 months), can be included on my (2016) return, because I used a different lender for this second (2nd) refi. My current loan is 15 years or (180 months). I can start claiming each year a max of 12 months, of course starting March 2016 for my current refi.

Do I need to separate the amounts? How do I show the points for the 2009 refi different from the 2016 refi?

Thank you for your assistance
Expert Alumni

Morgage Points 2009

Yes, that is correct.  Also, if on the refinance there was additional funds borrowed above and beyond the original loan and those funds were used to build or improve the home the points paid that represent the prorated portion of the loan are deductible in full in 2016. The remainder is amortized.  You can add another lender to separate the points for better tracking going forward.
Expert Alumni

Morgage Points 2009

Points that were paid on the original mortgage must be deducted in the year paid (2009, if this was an original loan and not a refinanced loan).  It is not an option to deduct them in the current year and the statute of limitations has run out for 2009, which means an amendment will not produce a refund.

Refinance Loans

If the points you are referring to are from a refinanced loan that was taken out in 2009, then you can prorate the points over the life of the loan and take the annual deduction for 2016. If you used a different lender for the new refinanced loan (not the same lender as the 2009 refinanced loan) , then you can take the balance of the points that would be available for 2016.

If the lender now is the same lender used for the 2009 refinanced loan then the remaining points must be added to the points for the new loan and the combined total prorated over the life of the loan and deducted each year.

View solution in original post

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