I paid a 1% fee for a rate modification. Is it deductible (over the remaining term of the loan)?

It was not reported on my 1098, but this is a fee I paid to lower my interest rate, and it is a percentage of the loan amount.  If it is amortizable, how do I report it in TurboTax?
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    Here is some more information that may help answer the second part of your question: "How do I report it in TurboTax?"

    See this other support article (the image is from a prior year but you can probably connect it to a 2012 return):
    http://turbotax.intuit.com/support/iq/Your-Home/How-to-Enter-Mortgage-Interest-Points-Not-Reported-on-a-Form-1098/SLN60328.html

    There is still a question I have:
    My loan mod did not change the term of the loan. To get TT to make the calculation, you need to enter the remaining term of the loan - but TT only accepts full years. Mine is not an exact number of years. So I'm still looking for an answer.
    • When I clicked on "this is a new loan", the program deducted the total points in 2012 - so be careful to check your schedule A.  You do have to round the years remaining up or down.  The difference is really not material.
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    Yes, that is, typically, how it works.  You enter it the same way as ordinary mortgage interest.  When you enter the lender information, you will see a Checkbox to select for spreading it out (amortizing) over the term of the loan.  Let us know if you need more help.  Also, see below for more details:


    Generally, you can only deduct qualified points paid on a mortgage over the term of the loan, unless the property is rental property.


    The fees that can be deducted in a mortgage refinance generally depend on whether the property is your principal or rental residence, how the loan proceeds were used, and whether you paid qualified points or not.

     

    Qualifying points are considered pre-paid interest.  This interest is paid or treated as paid to the lender by a borrower to obtain a mortgage loan. Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.

     

    Here is a good article titled  What Can I Deduct in a Mortgage Refinance? that may be helpful too:

    http://turbotax.intuit.com/support/iq/Other-Deductions-and-Credits/What-Can-I-Deduct-In-a-Mortgage-R...





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