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I paid points in full as part of my "closing costs" at closing on a refinance of my home mortgage. Turbo Tax dosen't give a choice for that option. What do I do?
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Here's how to enter your mortgage interest statement in TurboTax:
As far as filing taxes goes, claiming a tax deduction for mortgage points is a fairly straightforward process. Mortgage points are considered an itemized deduction and are claimed on Schedule A of Form 1040. Here are the specifics:
For many taxpayers, the process really is this simple. In some cases, though, calculating and deducting mortgage points can be tricky. With TurboTax, just answer a few simple questions and we can help you get the proper deduction for your mortgage points.
Points on a refinance can only be deducted over the life of the loan, a lump sum deduction is not allowed.
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