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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I have been amortizing refi points from 2003. I forgot to

Resolved Question:

I have been amortizing refi points from 2003. I forgot to take a full deduction for the remaining points in 2005 when I refinanced again. I also did not start amortizing the new points from 2005. Now in 2012 I refinanced and forgot to take the 2005 points nor set up my new points. I am amending my return now. So my question is, can I take the remaining points from 2003 and take the full amount of points from 2005 even though I did not amortize any of them on my amended 1012 tax return?
Submitted: 1 year ago.
Category: Tax
Expert:  Anne replied 1 year ago.

Anne :

Hi

Anne :

Thank you for your question

Anne :

I'm afraid that you will need to amend your 2012 tax return. Since that is the latest year that you refinanced, you should be able to claim the balance that was left from the 2005 refi (which should also include those you were still amortizing from 2003)

Anne :

You will need to set up the amortization for the points that you paid with the latest refi in 2012 on the amended 2012 tax return, and that should then be carried over to your 2013 amended return.

Anne :

Unless you refinance with the same lender. In that case, you add the points paid on the latest deal to the leftovers from the previous refinancing and deduct the expense on a pro-rated basis over the life of the new loan.

Anne :

 


I truly hope this information is helpful but please do not rate until you are satisfied. If you want to click on 1 or 2 just click on the continue to work with me button instead. You will then be able to add any other info or respond to what I have posted so far. Rating 3-5 gives me credit and a good rating but you can still converse with me.


 

Customer:

Anne: I sent a response to your answer asking for clarification. Did you get it or did I make the mistake of asking what looks like a second question that requires more money and you haven't even seen it yet. Where are we at now?

Anne :

I'm sorry, I do not see you're posting, and I checked to see if it posted as a separate question, and I don't see that either

Anne :

I apologize that your posting did not come through............would you mind posting it again?

Anne :

If it still does not come through, I will try changing the format to see if that helps

Customer:

I said that I know that I have to set up the amortization of the new points from the 2012 refi on the amended 2012 return. It will be carried forward to my 2013 return (not amended). All the lenders were different. I want to make sure that I have what you are telling right. My question was whether I can use the remaining unamortized points from 2003 on my 2012 amended return even though I didn't take them in 2005 when I did another refi. And, whether I can take the full amount of points from the 2005 refi on my 2012 amended return even though I didn't amortize them at all because I refinanced a new loan in 2012. It sounds like you are saying I can do this. Please verify that this is a correct assumption.

Anne :

Thank you for the clarification on the amendment. Yes, you may take those points in 2012.

Anne :

I hope this helps

Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 1732
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Anne and other Tax Specialists are ready to help you
Expert:  Anne replied 1 year ago.
Thank you for the accept and the positive rating.

Please feel free to ask for me by name if I can help you in the future.

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