pay point deduction

Forum|Forum|3 years ago
April 17, 2023
3 replies
11 views

I have paid points for the home loan in 2021 and have filed 2021 tax returns using standard deductions. Can I use the paid points in 2022 itemized tax filing

TurboTax Live Premier Online

MinhT1

Level 15

No.

You cannot deduct the 2021 points in 2022.

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pdmanojAuthor

Level 2

Thanks for the response. However, this the Question in the TurboTax and so I was confused whether to include the pay points in 2021

Did you pay points in 2021 when you took out the loan?

We paid points when we refinanced, purchased a second home, or opened a home equity loan in 2021.

We've already deducted all the points we paid in 2021, or we didn't pay any points.

DawnC

Employee Tax Expert

If you amortized the life of the loan, then you would deduct a portion each year. However, if you deducted all points in 2021, there is nothing to deduct in future years. Did you deduct all the points or amortize them?

See Can I claim points? This covers purchases and refinancing as the rules for each are different.

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