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Level 2
June 8, 2021
Question

Where to deduct loan origination fees from refinance

  • June 8, 2021
  • 1 reply
  • 20 views

I'm trying to deduct loan origination fees from a refinance on homeowners primary residence. Can I enter those in Schedule A as points not on form 1098, or do I need to go thru the depreciation section since the deduction must be spread out over life of loan? That generates form 4562, which I thought was for business returns, not individuals. 

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1 reply

George4Tacks
Level 15
June 10, 2021

Depreciation - Form = 8, Method = 91, life = length of the loan. There will not be a 4562.

Answers are easy. Questions are hard!
Julia ATXAuthor
Level 2
June 10, 2021

Still generating 4562.  Is there a way to suppress the form altogether or maybe it doesn't matter if it's included?  

George4Tacks
Level 15
June 11, 2021

It is never a problem to have an extra page attached, as long as it applies to the return. 

Answers are easy. Questions are hard!