Possible to roll over Mortgage interest tax deduction from 2015 to 2016?

Has anyone dealt with this tax question described below?

We closed our House purchase end of 2015.

For 2015, only part of the closing costs(reported on Form 1098) potentially could apply to mortgage deductions. Since we did not pay any mortgage in 2015 & hence no mortgage interest, our standard deduction was much higher than the closing costs, hence we opted for standard deduction.

For 2016, we will itemize our taxes deducting our mortgage interest paid for 2016.

Can we roll over the closing costs for 2015(which we did not apply to our tax deduction) to year 2016, in addition to the mortgage interest of 2016 for our tax filing of 2016?

You could look into amortizing the points over the life of the loan. That’s standard for refinances. Only for new purchases (of owner-occupied property) you can deduct the points in full in the year they were paid.

I realize you want to apply them in full to year 2016, but I don’t see how you could do it.
If it’s a 30 year loan, you can apply 1/30 each year starting 2016.
If you closed December 15th 2015, you could’ve applied 1/30 * 2/52 as the pro-rated amount for 2015. So your lost deduction is 1/30 * 2/52 of the point(s).

And yes, by that logic, to be 100% correct, in 2045, you can only deduct 1/30 * 50/52 of the amount paid.

Keep book of it, and when you sell or refinance, you can deduct the full remainder in that year.

This is not professional advice and comes without warranties.


No. You cannot just decide not to use deduction for 1 year and then apply it in future year. Mortgage deduction does not roll over.

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We did not pay any points. Paid @$1800 in interest for part of December 2015. Letting it go.

Went ahead & itemized deductions for interest & Property tax paid in 2016.

Thanks all for your valuable suggestions.