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How to get rid of old points being amortized

Liz
Level 2

I have a client who refinanced her house in Dec 2018 and had points of $595.00.  She received $2 worth of amortization on her 2018 tax return.  She refinanced that loan in April of 2019 so I want Lacerte to know that those "points" are gone and I need to get the full amortization in 2019.  I somehow did this years ago but cannot figure out how to do it in 2019.  Lacerte articles and search are absolutely horrible this year so I'm hoping someone knows how to do this. 

Thank you!

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Accepted Solutions
sjrcpa
Level 15

I override amortization to the amount I want (593 in your case).

The more I know, the more I don't know.

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3 Comments 3
sjrcpa
Level 15

I override amortization to the amount I want (593 in your case).

The more I know, the more I don't know.
BobKamman
Level 15

I don't speak Lacerte, but in ProSeries, on the "Other Points Smart Worksheet," there is a column with an asterisk, and above it (that's always where you put explanations of asterisks, right?), it says "*Check to deduct remaining points this year."

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Liz
Level 2

Ugh, I wish I had proseries. 

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