Yes, you will need to amortize your refinance costs in your rental property throughout the life of the loan as an amortizable asset in your rental home section of your return. Meanwhile, to reverse the reporting in your primary residence, go to.
- Log or open Turbo Tax
- Go to federal>deductions and credits>your home>show more
- Mortgage Interest and Refinancing (Form 1098)>revisit
- Select edit next to the 1098-T that is shown in the summary screen.
- Scroll through the screens until you get to the screen entitled did you pay points in 2020 when you took out the loan?
- Answer this with a no answer and this should erase the information already recorded in the return.
[Edited 03-14-2021|05::54 PM PST]