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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