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Level 2
posted Feb 26, 2023 4:06:25 PM

Can I deduct mortgage points on 2022 taxes for refinancing done in 2021

I refinanced a home mortgage in 2021. I assume that any deductions for points would have been reported in my 2021 taxes, right?  I should not include any of this information in my 2022 tax mortgage section?

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1 Best answer
Expert Alumni
Feb 26, 2023 4:22:55 PM

Actually, when you refinance a mortgage and pay points, the points are deductible, but over the life of the mortgage.  So, if you refinanced in to a 15 year mortgage, you would can deduct 1/15th of your points each year.

1 Replies
Expert Alumni
Feb 26, 2023 4:22:55 PM

Actually, when you refinance a mortgage and pay points, the points are deductible, but over the life of the mortgage.  So, if you refinanced in to a 15 year mortgage, you would can deduct 1/15th of your points each year.