I refinanced my home in 2009. On the form of all the Settlement Charges, can I deduct anything identified as a ‘fee’? If not, what can be deducted?
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Funds that you pull out of your home for a cash-out refinance are not tax deductible, but, you still can deduct the interest on the loan. That is only up to $100,000 in debt for a couple, or $50,000 for one person.
If you are cashing out to improve your home, the new debt is considered. Any points involved in your refinance can be deducted over time, subject to them.
If you refinanced your home, you may be eligible to deduct some costs associated with your loan. Generally, if you itemize, the "points" paid to obtain your home mortgage may be deductible as mortgage interest. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid.
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However, these deductions can still be made if they fit two criteria: the money is used to make “substantial improvements” on the home and the.
Enter both of them (first the one from your original loan, then the one from your refinance), but don’t add them together. We’ll need to know which loan was paid off. When you get to that screen be sure to indicate that it was paid off. You may also be able to deduct some items on your closing statement so have it handy.
However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first six requirements stated above, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. You can deduct the rest of the points over the life of the loan.
Even though it is used to improve your home, the new loan amount is above the new $750,000 threshold and only interest on the acquisition debt portion ($869,000) can be deducted. Interest on the other $31,000 would not be deductible, even though it was used to improve the home, because it is above the new or carried threshold.