Home Refinance

Brustkt · #1 04-07-2014, 05:09 PM

Hi Tom,
We refinanced our home for a better mortgage rate last year. Can we deduct the cost of our refinance? It was a few thousand dollars.
Thanks.

Michael · #2 04-07-2014, 05:14 PM

Until Tom answers maybe some of these threads will help: https://www.daycare.com/forum/tags.p...ion+-+mortgage

TomCopeland · #3 04-08-2014, 07:07 AM

Quote:

Originally Posted by Brustkt

Hi Tom,
We refinanced our home for a better mortgage rate last year. Can we deduct the cost of our refinance? It was a few thousand dollars.
Thanks.

The costs of the refinance should be deducted over the life of the new loan. So, if you refinanced over 15 years, deduct the time-space % of 1/15th of the costs each year.

Brustkt · #4 04-08-2014, 04:12 PM

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