Do I list points on a mortgage once?

When using TurboTax to list mortgage points, you generally have two options:

1. Deduct in a Single Year: If you meet certain criteria, you can deduct the full amount of your mortgage points in the year you paid them. This is typically allowed if the points were paid for your primary residence and meet IRS requirements.
2. Amortize Over the Life of the Loan: If you don't meet the criteria for a single-year deduction, you can spread the deduction over the life of the loan

Here are the steps to follow in TurboTax:

1. Enter Your Mortgage Information:Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and mortgage insurance that you paid in 2024 
2. Itemize Your Deductions: Mortgage points are considered an itemized deduction, so you'll need to choose itemized deductions instead of the standard deduction

For more detailed instructions, you can refer to TurboTax's guide on deducting mortgage points

Original Post