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yadayadasd
New Member

What if I refinanced in 2020 in December so there's no 1098 for 2020? Do I just put in the 1098 for my old Mortgage company since they paid the taxes?

I did pay points in 2020 on the refi.
2 Replies
RayW7
Employee Tax Expert

What if I refinanced in 2020 in December so there's no 1098 for 2020? Do I just put in the 1098 for my old Mortgage company since they paid the taxes?

Yes, assuming you did not received a 1098 from your new mortgage company you can use the 1098 from your previous Mortgage company.

 

As far as filing taxes goes, claiming a tax deduction for mortgage points is a fairly straightforward process. Mortgage points are considered an itemized deduction and are claimed on Schedule A of Form 1040. Here are the specifics:

  • Usually, your lender will send you Form 1098, showing how much you paid in mortgage points and mortgage interest
  • Transfer this amount to line 8c of Form 1040 Schedule A
  • If any of your points were not included on Form 1098, enter the additional amount you paid on line  Lines 8b and 8c of Form 1040 Schedule A

For many taxpayers, the process really is this simple. In some cases, though, calculating and deducting mortgage points can be tricky. With TurboTax, just answer a few simple questions and we can help you get the proper deduction for your mortgage points.

 

Be sure to review the articles at these link(s) to determine if your points are fully deductible or if they must be deducted ratably over the life of the loan.

NCperson
Level 15

What if I refinanced in 2020 in December so there's no 1098 for 2020? Do I just put in the 1098 for my old Mortgage company since they paid the taxes?

there may not be a 1098, but look at the closing statement...if there is interest on there, you can claim that. 

 

yes, use the 1098 from the old servicer

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