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mintzas11
Level 1

where to input on turbo tax

refinanced in Dec 2020 17 Total closing cost borrowers paid where to input on turbo tax?

1 Best answer

Accepted Solutions
JoannaB2
Expert Alumni

where to input on turbo tax

Yes, The closing cost that is tax deductible on your income tax is the origination fee or discounts reported on form 1098 Mortgage Interest Statement, if qualified.  The prepaid real estate taxes and mortgage interests should be included on your 1098 Mortgage Interest Statement. To enter the deductible origination fees or discounts in Turbo Tax:

  • In Federal, jump to Deductions and Credits.
  • Select Mortgage 1098
  • Enter your mortgage information, click continue.
  • On the question :"Did you pay points in 2020....?", select "we paid points...
  • Enter the amount of points reported on Form 1098.

View solution in original post

3 Replies
Carl
Level 15

where to input on turbo tax

Refinanced what? Primary residence? 2nd home? Rental property? Something else?

It will also matter if you did a "cash out" on the refi. So specify if you only refi'd for the outstanding balance at the time of the refi, or if you took a cash out. It also matters if you refi'd with the same lender, or a different lender.

 

JoannaB2
Expert Alumni

where to input on turbo tax

Yes, The closing cost that is tax deductible on your income tax is the origination fee or discounts reported on form 1098 Mortgage Interest Statement, if qualified.  The prepaid real estate taxes and mortgage interests should be included on your 1098 Mortgage Interest Statement. To enter the deductible origination fees or discounts in Turbo Tax:

  • In Federal, jump to Deductions and Credits.
  • Select Mortgage 1098
  • Enter your mortgage information, click continue.
  • On the question :"Did you pay points in 2020....?", select "we paid points...
  • Enter the amount of points reported on Form 1098.

View solution in original post

mintzas11
Level 1

where to input on turbo tax

Perfect explanation step by step entered as directed. Thank you!

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