Refi home in '20 and paid $8K points. I paid out of pocket ~$5K. Pub 936 states if out of pocket is less than points, you claim what you paid. Can I claim $5K in 2020?

Instead of having to amortize the $8K over 30 years?

posted

Yes, you can deduct your points (or Loan Origination Fee) up to amount your actually paid in 2020. To do it in TurboTax choose Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and enter your information.

My Vt State return says issued 4/11 and will take 10-15 days to receive, do I assume at this point it’s not going into my bank direct deposited? My federal went in.

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Refi home in '20 and paid $8K points. I paid out of pocket ~$5K. Pub 936 states if out of pocket is less than points, you claim what you paid. Can I claim $5K in 2020?

Refi home in '20 and paid $8K points. I paid out of pocket ~$5K. Pub 936 states if out of pocket is less than points, you claim what you paid. Can I claim $5K in 2020?

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Refi home in '20 and paid $8K points. I paid out of pocket ~$5K. Pub 936 states if out of pocket is less than points, you claim what you paid. Can I claim $5K in 2020?

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Refi home in '20 and paid $8K points. I paid out of pocket ~$5K. Pub 936 states if out of pocket is less than points, you claim what you paid. Can I claim $5K in 2020?

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