Yes, it should be amortized over the life of the loan. You will need to make sure you marked the loan as a "refinance" when you entered it. You should be able to go back and edit that entry. (Points can also be called loan origination fees, maximum
loan charges, discount points, or loan discount.)
It goes in the same area as your regular mortgage interest. When
you enter the new mortgage interest, the software will ask you questions about
the new loan and you will be able to select that it was a refinance.
-
Federal Taxes tab (Personal in the Home and
Business Version)
- Deductions and Credits
- Your Home
-
Mortgage Interest and
Refinancing (select
Add a Lender or Edit, if you have already entered one)
You can deduct any interest or real estate taxes on your
Settlement Statement that are not
already included on your Form 1098. Only
pro-rated amounts can be deducted, not prepaid amounts held for escrow.
What kinds of refinancing costs can I deduct?
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