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Solved

Mortgage Refinance

Forum|Forum|7 years ago
June 6, 2019
1 reply
18 views

Am I able to deduct the fee I paid to refinance my mortgage?

TurboTax Premier Online

Best answer by DianeW777

The loan origination fees or points can be deducted using the following information.

You can go directly to the mortgage interest by following these steps:

1. Sign into your account and select your current return

2. Select My Account in the top Right

3. Select Tools

4. Select Topic Search (see attached image)

5. Search for refinance mortgage and select Go

If you used a different lender answer the question Yes. // If you used the same lender answer No.

This will take you to the interview process to enter your deduction. You will be able to enter the points remaining on the load that was paid off.

Points on a new refinanced loan:

Any points that are applicable to the money in the refinanced loan that paid the balance of the old loan must be amortized over the life of the loan, basically the amount for each month you had the loan in 2016. Additionally, if you used the same lender for a new refinanced loan (second or more) you must add the remaining points from the old loan to the points from the new loan for amortization.

If there were additional funds borrowed that were used to build or improve the home this portion of the points can be deducted in 2016. If this applies you simply prorate the points by using the two figures against the total loan to arrive at the percentage.

DianeW777Answer

Level 15

The loan origination fees or points can be deducted using the following information.

You can go directly to the mortgage interest by following these steps:

1. Sign into your account and select your current return

2. Select My Account in the top Right

3. Select Tools

4. Select Topic Search (see attached image)

5. Search for refinance mortgage and select Go

If you used a different lender answer the question Yes. // If you used the same lender answer No.

This will take you to the interview process to enter your deduction. You will be able to enter the points remaining on the load that was paid off.

Points on a new refinanced loan:

Any points that are applicable to the money in the refinanced loan that paid the balance of the old loan must be amortized over the life of the loan, basically the amount for each month you had the loan in 2016. Additionally, if you used the same lender for a new refinanced loan (second or more) you must add the remaining points from the old loan to the points from the new loan for amortization.

If there were additional funds borrowed that were used to build or improve the home this portion of the points can be deducted in 2016. If this applies you simply prorate the points by using the two figures against the total loan to arrive at the percentage.

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