Refinance and the line '% of Loan Amount (Points)'

We refinanced in 2020 and closing document has a line '% of Loan Amount (Points)' and has some dollar amount associated with it. Is this amount tax deductible since there is no indication of it on form 1098.

Thanks

472

Expert Alumni

Apr 13, 2021 4:30:21 PM

It looks like those are points, which are loan fees that are based on the value of a mortgage loan. They are often not reported on the form 1098-T, but they are deductible.

Level 2

Apr 14, 2021 2:55:15 PM

Thank you

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Refinance and the line '% of Loan Amount (Points)'