I refinanced my home in 2016. Can I deduct the administrative and processing fees?

[sellwoods]

My loan officer let me know that the Administration and Processing fees on my closing statement were deductable, but I wanted to make sure.

[HelenaC]

No, you cannot deduct administrative and processing fees from the refinance of your personal residence.

Generally, when you refinance your main home or a second home for personal use (such as vacation property or a cabin), you can only deduct points over the life of the loan. You'll need to take the itemized deduction.

Mortgage interest, real estate taxes, and private mortgage insurance may also be deductible if you itemize. Other typical closing costs on a refinance (appraisals, underwriter, attorney, or bank fees, title search, etc.) are not deductible.

We'll ask about your refinancing expenses when you go through the "Your Home" area in the Deductions & Credits section.

Now, if you refinanced rental property, there's a lot more you can deduct. Read more

Related Information:

• What can I deduct when refinancing rental property?
• Can I deduct mortgage points?
• Can I itemize my deductions?