Can turbotax handle a refinance and a move in the same year?

[MichaelL1 · Accepted solution]

Yes, TurboTax can handle the refinance and move within the same year.  It is a little tricky.  If you paid points on the refinance, normally these are deducted over the life of the loan.  In your case, the loan would be taken out and paid off in the same year.  

You would enter the mortgage and date of the mortgage, life of the loan, and points paid. 

Then you would check the box "This loan was paid off or ...in 2016" and it will deduct the entire amount of the points.

To enter mortgage interest

• Click on Federal Taxes (Personal using Home and Business)
• Click on Deductions and Credits 
• Click on I'll choose what I work on (if shown)
• Under Your Home
• On Mortgage Interest, click on the start or update button