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Mortgage interest deduction on refinance

Mortgage interest deduction on refinance

Question: When You refinance, can you write off all of the mortgage interest up to $750K? Does that law only affect new loans or does it affect current ones too?

Answer: Refinance of the old qualified home acquisition loan is treated under the old tax rule. (mortgage interest deduction up to 1M indebtedness) as long as the refinanced amount is not bigger than the original loan.

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Circular 230:The articles are for general information only. In accordance with IRS Circular 230 they are not considered tax opinions for purposes of relying on such statements in any challenge of the reporting of the above transaction by the IRS. If a full tax opinion is required certain procedures must be met . Also there is a significant cost for a full tax opinion to meet the requirements of Circular 230.

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