Mortgage Refinance and Origination Fee
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
gnordstromlaz
New Member

Mortgage Refinance and Origination Fee

I refinanced my mortgage in July 2020; I did not have any points on the loan.  But on the Closing Disclosure there was listed a in the "Loan Costs" section a line was entered as "Origination Fee".  So I am confused, I thought only points paid were deductible; but every thing keeps saying points(origination fees).  So is the amount labeled on my Closing Disclosure as "Origination Fee"  deductible or not?

 

Thank you!

3 Replies
Bsch4477
Level 15

Mortgage Refinance and Origination Fee

Amounts on lines 801 and 802 on your Hud-1 statement are deductions that are por rated over the life of the loan. Both amounts are called points. 

Mike9241
Level 6

Mortgage Refinance and Origination Fee

points paid to refinance a mortgage must be amortized over the life of the new loan unless the proceeds are used to substantially improve the main residence.

also if you refi with the old lender any remaining unamortized points on the old mortgage must be amortized over the life of the new mortgage 

gnordstromlaz
New Member

Mortgage Refinance and Origination Fee

Thank you very much for your replies, it is much appreciated that you took the time to reply!  But I have another question:

 

Can I deduct /amortize that  amount even though the lender did not list the origination fee amount that was on the closing statement  on the 1098, box 6 that they sent to me?  Their 1098 shows 0 in box 6, which indicates it is for "Points paid on purchase of principal residence".

 

Thank you!

Dynamic AdsDynamic Ads
v
Privacy Settings