If you refinanced you may deduct the origination
fees over the life of the loan, mortgage interest, real estate taxes, and private mortgage insurance, if you itemize.
Other typical closing costs on a refinance (appraisals, underwriter, attorney, or bank fees, title search, etc.) are not deductible. The closing costs just add to your basis (cost of residence) and can be used later to offset
any gains you have from the sale of your house.
In TurboTax, please do the
following:
- Personal
- Deductions & Credits
- Your Home
- Mortgage Interest, Refinancing, and Insurance, Click Start
- Did you pay any home loans in 2017? Click Continue
- Who's your mortgage lender? Click Continue
- Do any of these uncommon situations apply to your loan
with __ ? Click Continue
- Let's get the details from your __ 1098 now
Click Continue
- Did you take out this loan in 2017? Click Continue
- Did you pay points in 2017 when you took out the loan?, select I paid points when I purchased or refinanced to improve
my main home in 2017.
- If not a main home, then select, I paid
points when I refinanced, purchased a second home, or opened a home equity
loan in 2017.
- Depending
on what you choose, whether it was you main home or not, you will be able
to include your loan origination costs information.
For more information, click here
