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i refinanced my home what can i deduct

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I refinanced my mortgage. Can I deduct the points I paid on my federal income taxes? I refinanced my home in October 2009. My refinance price was $9,000, and I borrowed $20,000 to do home remodeling and upgrades to my home. I bought my home in 2001, and last before it was a FHA loan through.

There is no limit to what he or she can accomplish. Debt extinguishes that. Bank now owns the loan but managed by Navient. My game-plan out of my situation is that after I close escrow on a home in.

Homeowners can’t deduct closing costs such appraisal fees, loan preparation fees, attorney fees or notary fees for a refinancing unless the property being refinanced is a rental property. You can deduct any points you pay to refinance the mortgage on either a rental property or your main home.

Things can get more complicated if your existing loan amount was above the new limits and you did a cash-out refinance. Even if you took the proceeds and used them to "buy, build or substantially improve" the home against which the loan was taken, this would be considered a new acquisition loan, and would be subject to the new lower maximum.

Can you claim refinancing costs on taxes? | Yahoo Answers – However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds.

The change on mortgage interest deductions on a cash out refinance loan of the first mortgage can have a particular effect in wealthier areas of the country. Most of the country does not live in homes worth $1 million or more, but this law change will have an effect in states such as California, Washington, Connecticut and New Jersey.

Q-I waited too long to refinance. Can I give these lots to a charity? If so, how do I determine their market value? A-If you can find a charity foolish enough to accept these virtually worthless.

Yes, you can still deduct interest on home equity loans under the new tax law – For alternative minimum tax purposes, however, you could only deduct the interest if the home equity loan proceeds were used to buy or improve your. the refinancing. With all that background.