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bhubbard16
New Member

On my closing disclosure under loan costs Section A there are loan origination fees expressed as a percentage. Are these deductible if they did not appear on 1098?

It has two subsets Application Fee and Origination Fee
1 Best answer

Accepted Solutions
KarenL2
Level 5

On my closing disclosure under loan costs Section A there are loan origination fees expressed as a percentage. Are these deductible if they did not appear on 1098?

Yes.  It is deductible.  You can deduct any interest, property taxes, and most mortgage insurance premiums that are reported on the Form 1098 Mortgage Interest statement. 

You can also deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.) 

For a refinance, the points have to be spread out over the term of the loan. The software will prompt you to select that. 

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/replies/4793767

 

Here's an alternate method to get there:

  • Federal Taxes tab (Personal in the Home and Business Version
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)



View solution in original post

1 Reply
KarenL2
Level 5

On my closing disclosure under loan costs Section A there are loan origination fees expressed as a percentage. Are these deductible if they did not appear on 1098?

Yes.  It is deductible.  You can deduct any interest, property taxes, and most mortgage insurance premiums that are reported on the Form 1098 Mortgage Interest statement. 

You can also deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.) 

For a refinance, the points have to be spread out over the term of the loan. The software will prompt you to select that. 

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/replies/4793767

 

Here's an alternate method to get there:

  • Federal Taxes tab (Personal in the Home and Business Version
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)



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