Mortgage points on construction to perm loan

[kgbenz13]

Hi All. I had a construction loan that started on 7/15/2021 for a 1 year period which needed to be renewed for a few months until construction was completed. Once I was able to move into the house I closed on a permanent loan with the same bank. I received 3 1098 form, which I think is from construction 7/15/2021-7/15/2022, construction 7/15/2022-9/6/2022 and permanent 9/6/2022 onward. When we closed on the permanent loan we paid 1 point which was 9,050. This amount doesn't show up on any of the 1098s but I entered it into Turbo Tax when it prompted me on a different screen. What I am confused about is that it is saying that I need to amortize the 1 point over the life of the loan (15 years) but it only allows me to deduct $193.

[PatriciaV]

Points amortized over the life of the loan are pro-rated in the first year based on the number of months the loan was active. Your deduction appears to be approximately 1/3 of the annual amount (9050 / 15 x 4/12). 

This assumes the allowable points were not limited based on a mortgage amount over $750,000. If the note was over the limit, mortgage interest and points may be limited as well.