If you did not receive a Form 1098 from the bank or mortgage company you paid the points to, contact them to get a 1098 Form issued.
If you cannot get a 1098 Form from the issuer, your points paid are usually listed on your settlement statement. Points paid only to borrow money are deductible over the life of the loan and not all at once. Points paid for vendor services are not deductible. Points paid for refinancing a loan are deductible over the life of the loan.
To determine the amount you can deduct, review Publication 936.
To enter your points paid not reported on Form 1098, please follow the steps below.
- Federal Section
- Select My Forms
- Itemized Deductions
- Mortgage Interest and Expenses
- Select "No" when asked if you received a Form 1098
- Choose Points paid not reported on Form 1098