refinanced in Dec 2020 17 Total closing cost borrowers paid where to input on turbo tax?
You'll need to sign in or create an account to connect with an expert.
Yes, The closing cost that is tax deductible on your income tax is the origination fee or discounts reported on form 1098 Mortgage Interest Statement, if qualified. The prepaid real estate taxes and mortgage interests should be included on your 1098 Mortgage Interest Statement. To enter the deductible origination fees or discounts in Turbo Tax:
Refinanced what? Primary residence? 2nd home? Rental property? Something else?
It will also matter if you did a "cash out" on the refi. So specify if you only refi'd for the outstanding balance at the time of the refi, or if you took a cash out. It also matters if you refi'd with the same lender, or a different lender.
Yes, The closing cost that is tax deductible on your income tax is the origination fee or discounts reported on form 1098 Mortgage Interest Statement, if qualified. The prepaid real estate taxes and mortgage interests should be included on your 1098 Mortgage Interest Statement. To enter the deductible origination fees or discounts in Turbo Tax:
Perfect explanation step by step entered as directed. Thank you!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
laneyh1775
New Member
anne-brooks
New Member
MakeMoreDave
Level 1
Booba
New Member
augustbaumann
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.