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For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.
On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.
Enter the above expenses in the following areas:
1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest, Refinancing, and Insurance
2. Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- (See Did you pay points in 2016 when you took out the loan?) page
3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes
4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Interest, Refinancing, and Insurance
Some of the above expenses may be designated on your HUD-1 settlement statement.
See What Information Do I Need From My HUD Statement
Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.
For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.
On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.
Enter the above expenses in the following areas:
1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest, Refinancing, and Insurance
2. Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- (See Did you pay points in 2016 when you took out the loan?) page
3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes
4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Interest, Refinancing, and Insurance
Some of the above expenses may be designated on your HUD-1 settlement statement.
See What Information Do I Need From My HUD Statement
Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.
In preparing my 2020 taxes I've run into a snag with the program. We live in the same home, but refinanced in 2020 through a new lender. The lender sold the mortgage and we now have a new mortgage holder as of 09/01/2020.
The problem I'm encountering is that in the final check it is asking for information on the sale of our home and net profits.
We did not sell our home ! What should I do?
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