I cannot tell just by looking at 09 Sch A and I cannot seem to locate any other form in TP's 09 tax return that would tell me if 09 tax preparer "amortized" or current deducted points either on or off the 09 form 1098 for which I dont have either. Any idea's how to find out?
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Option 1: Contact the issuer for a duplicate 1098.
Option 2: Get an account transcript from the IRS and see what was reported on it (if it's there; I've been seeing transcripts that seem weird recently)
Option 3: You must have something telling you that there were points. If you have the original mortgage documents, you may be able to run it through a mortgage calculator and figure out what the ordinary mortgage interest would have been. -
isn't there a seperate line on the schedule A for amortized points?if its not there it was not amortized.Comment
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So let me understand. You have the 09 return, but the client cannot give you the backup (ie 1098 or settlement docs.)? Taxmom is partially correct. If the points were not stated on the 1098, they should show up on a separate line (12). If the points were included in the 1098, then they would be included with the interest. Have the client call the bank, and ask what the 09 mortgage interest was. Then compare this amount with what was reported on Line 10. Any difference=points.
KeithComment
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Points on a 1098 are reported on the same Schedule A line as mortgage interest on the 1098. Even if you're allowed to deduct them all in one year, you still have the option of amortizing them - which you might do if you closed in December and don't have enough to itemize at all.
It's unclear whether you still report them on the same line if you make this election. I wouldn't make any assumptions about what another preparer did. So the mere fact that the only relevant Schedule A entry is on the line for 1098 interest plus points isn't enough to reach a conclusion.Comment
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