Refi home in 2018, asking all kind of questions... like new loan, what its secured with, points, some of loan $$ used for other than home loan... etc etc ???

cowtao3 · ‎June 6, 2019

Vanessa · ‎June 6, 2019

Yes, this is because of the new tax laws. If you at some point refinanced your home and took cash out to pay off credit cards or buy a car or something else, the interest on that portion of the balance is not deductible. Also, if the loan was taken out after December 16, 2017, the cap for deductible interest is limited to the balance of $750,000 instead of $1,000,000.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Vanessa · ‎June 6, 2019

Yes, this is because of the new tax laws. If you at some point refinanced your home and took cash out to pay off credit cards or buy a car or something else, the interest on that portion of the balance is not deductible. Also, if the loan was taken out after December 16, 2017, the cap for deductible interest is limited to the balance of $750,000 instead of $1,000,000.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Refi home in 2018, asking all kind of questions... like new loan, what its secured with, points, some of loan $$ used for other than home loan... etc etc ???