ljwalters Posted February 20, 2015 Report Share Posted February 20, 2015 This client is new this year. Line by Line audit last year and the preparer (he thought was a tax attorney, was EA) blew him off. The last 2 years has amortized points of $207. When looking at his doc's the last refi did not have points. This was from a refi that was paid off. Can I just take the remaining points on paid off loan this year? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 20, 2015 Report Share Posted February 20, 2015 yes Quote Link to comment Share on other sites More sharing options...
grandmabee Posted February 20, 2015 Report Share Posted February 20, 2015 only if different bank. same lender then you keep on amortizing the points Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted February 21, 2015 Report Share Posted February 21, 2015 Agree with grandmabee. However I saw a case were tp came to table with enough cash to cover all closing cost. Agent allowed remaining points to be written off. Quote Link to comment Share on other sites More sharing options...
Burke Posted February 21, 2015 Report Share Posted February 21, 2015 The last 2 years has amortized points of $207. When looking at his doc's the last refi did not have points. This was from a refi that was paid off. Can I just take the remaining points on paid off loan this year? I believe you need to amend the return for the year in which the remaining points should have been written off, not add them to this year. And possibly the years since. 1 Quote Link to comment Share on other sites More sharing options...
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