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Tracy Byrnes: What happens if you have to pay points on your mortgage. So maybe you can talk a little bit about what people should do with them. Cause I think they often forget to include those on their tax return as well.

Lisa Greene-Lewis: Yes, people do forget this. So if you paid points or loan origination fees, you're able to deduct that. So when you purchase a new home you can deduct the full amount of the points. But there's also people that refinance. So if you refinance your loan and you paid the points or loan origination fees, you would divide that up over the years on the loan. So you wouldn't get to deduct the full amount upfront. But you know, let's say your loan origination fees were, I don't know, just a low amount I'm going to give.

Tracy Byrnes: Yeah, well we have an example up on a 30 year mortgage. If it's 30 years, you would deduct basically one 30th of the points every year. So to your point, let's just, I don't know, presume it's $5,000, you deduct one 30th of the 5,000 or are examples of thousand, I'm sorry. So that's $33 on the thousand. If indeed those are the points you paid, that's $33 a year you get to deduct. I mean, it sounds small, but take the deduction. Why not?

Lisa Greene-Lewis: Okay. All right. And also don't forget, you know, a lot of people refinance more than once. And if you have those points left that you have not deducted on the old loan. When you do a new loan, you could deduct the full amount of those points because that loan is closing. So don't forget about that either.

Tracy Byrnes: Right. That's, that's actually huge. And then you start to take the next loan over the course of the lifetime of the new mortgage. Right? Right. But wipe the other one out, take the whole amount in the year you close out that loan and refinance.

While filing your taxes, you might be forgetting a deduction you are eligible for when you have mortgage payment.

TurboTax tax expert Lisa Greene-Lewis pointed out some key points taxpayers should not forget as she sat down with Tracy Byrnes, TheStreet's Contributor.

"If you paid points or loan origination fees, you're able to deduct that. So when you purchase a new home you can deduct the full amount of the points," she said.

"But there's also people that refinance. So if you refinance your loan and you paid the points or loan origination fees, you would divide that up over the years on the loan. So you wouldn't get to deduct the full amount upfront," she added.

People often refinance their mortgages more than once. What should they do?

"A lot of people refinance more than once and if you have those points left that you have not deducted on the old loan. When you do a new loan, you could deduct the full amount of those points because that loan is closing," she said." So don't forget about that either."

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