Points not reported on federal Form 1098

Official source

Points are shown on your settlement statement. Points you paid only to borrow money are generally deductible over the life of the loan. Points paid for other purposes, such as for a lender’s services, are not deductible. For more information, see Itemized deductions and review the 2017 federal Schedule A instructions.

Refinancing: Generally, you must deduct points you paid to refinance a mortgage over the life of the loan. This is true even if the new mortgage is secured by your main home. If you used part of the proceeds to improve your main home, you may be able to deduct the part of the points related to the improvement in the year paid.

loading…

Points not reported on federal Form 1098

Official source

Points are shown on your settlement statement. Points you paid only to borrow money are generally deductible over the life of the loan. Points paid for other purposes, such as for a lender’s services, are not deductible. For more information, see Itemized deductions and review the 2017 federal Schedule A instructions.

Refinancing: Generally, you must deduct points you paid to refinance a mortgage over the life of the loan. This is true even if the new mortgage is secured by your main home. If you used part of the proceeds to improve your main home, you may be able to deduct the part of the points related to the improvement in the year paid.