USA Deducting origination charges when credit given by lender

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I have $3700 in origination charges on a refinance of my home. However, on the settlement statement, there is a $4000 "your credit or charge (points) for the specific rate chosen" is the description for the credit.

Does this mean I cannot deduct the $3700 for origination charges. Can the $4000 credit be viewed as crediting for other items paid in connection with the refinance?

Basically, I want to know if I can amortize the $3700 in origiantion charges.
 

kirby

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The points you paid will be reported to you on a form 1098 by the lender. You can amortize that over the term of the loan. You should contact the lender to find out why the settlement statement says you were charged an extra $300 for points
 
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Actually, the form 1098 has $0 for points paid.

On page 2 of the HUD settlement statement, it says $3700 in origination fees. However, there is also a credit of $4000 with a description of "your credit for the specific rate chosen". Therefore, it looks like I got a credit for the points resulting in $0 origination fees. However, of course, there are plenty of other fees on the settlement statement where I could have applied the $4000 credit. So I'm asking if I can still take the $3700 origination fees and amortize over life of loan (refinance)
 

kirby

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Nope. You cannot do this with the 1098 showing no points paid. If you are saying you had a choice which fees to offset then you should have chosen the other nondeductible fees. As things stand right now though your 1098 says 'no points paid' and that's that.
 
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