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The home mortgage interest worksheet includes a place to enter points. But in the case where the taxpayer has a new mortgage, points are paid, and the average loan balance is more than $750K, it appears that the worksheet does nothing with the points (doesn't even prorate). This does not make sense.
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Hey Frank! Welcome. I think I still have the dummy return I was playing with when we discussed this. Yeah, here's the screenshot. Entries on this line for Points paid don't carry anywhere and they definitely should.
Rick
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Question: in this case where the points for a new home purchase must be pro-rated due to balance exceeding $750K limit, what happens to the points that cannot be deducted? Are they lost forever or can they be rolled over to future years?
Thanks in advance.