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langie-hanson
New Member

We don't know if we paid points in 2018 when we took out our home loan

We don't have paperwork that shows wether or not we paid points when purchasing our home. Our documents on the house were stolen last year so we don't have a reference.
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Opus 17
Level 15

We don't know if we paid points in 2018 when we took out our home loan

You can't deduct anything you can't prove.

 

Furthermore, if you did pay points, you may have the option of deducting them in full in the year you bought your house (2018) or you would deduct them ratably (spread out over the life of the loan).  So the only way you could deduct points on your 2019 return is (a) you could prove you paid them, (b) you did not deduct a lump sum in 2018; in which case your deduction would be 1/30th of the amount of the points for a 30 year mortgage. 

 

Your attorney or closing agent might have copies of your documents. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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1 Reply
Opus 17
Level 15

We don't know if we paid points in 2018 when we took out our home loan

You can't deduct anything you can't prove.

 

Furthermore, if you did pay points, you may have the option of deducting them in full in the year you bought your house (2018) or you would deduct them ratably (spread out over the life of the loan).  So the only way you could deduct points on your 2019 return is (a) you could prove you paid them, (b) you did not deduct a lump sum in 2018; in which case your deduction would be 1/30th of the amount of the points for a 30 year mortgage. 

 

Your attorney or closing agent might have copies of your documents. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

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