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Tax question: refinance
Old 02-25-2021, 11:48 AM   #1
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Tax question: refinance

We refinanced our mortgage last year. the bank sold off the mortgage soon after closing, so we never actually paid anything to this bank.

Do you know if I am supposed to receive a tax form from this bank?

Even though it is not the same bank, points and interest from the closing can be added on to the new mortgage?

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Old 02-26-2021, 11:22 AM   #2
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I would log on to the account (website) of the holder of your mortgage as of 12/31/20. Do the same with the originating bank for sake of thoroughness. Look for tax forms on both websites.
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Old 02-26-2021, 12:11 PM   #3
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Mortgage points and interest paid are generally deductible on Schedule A. As chassis indicates, you should search for a 1099 from both institutions. Note that this deductibility usually isn't helpful as most people's itemized deductions do not exceed the standard deduction.

You may not have paid it, but as an FYI to others, PMI is also deductible as mortgage interest as well for 2020, because Congress extended that provision through the end of 2020. It will not be deductible in 2021 unless Congress extends it. Congress frequently extends these kinds of tax breaks, usually in a combination bill at the end of the calendar year.
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