Turbo Tax Question?
Ok... Well I told the box im stuck... I used tax cut closing year and now i wish I would have get it again this year, I dont understand points on the morgadge portion. Can anyone explain this to me. SIMPLY WORDS PLEASE lol.. Here is what i am really interested in research. Question comes up saying "I compensated points (Orgination fees) on this loan in 2007." Then one say Im amortizing points." What does those mean?Then it say enter amount of interest paid within 2007 (Box 1 on your 1098) well...I didnt find a 1098 for my house loan interested. All we got be a letter stating how much we compensated. Then the next question ask the dollar amount of points paid. What is that?
Thanks!
Answers: Find the paperwork from your purchase of the home, sooner. In the closing papers, look closely for 'Points'. It's an up-front fee you foot (or add to mortgage on the home) which will lower your interest rate.
If you can't find it, contact the compnay you take-home pay mortgage payments to, and ask if you paid points when you bought it.
Points count close to home interest when it comes to tax presumption tiem.
Amortizing points means spreading the assumption over multiple years.
Good Luck.
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