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Get your taxes done using TurboTax
If you did not refinance just check the box for no refinancing. There are several reasons why that question is asked.
When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.
However, sometimes when entering mortgage balances for the old and the refinanced amount your total loan balance may exceed the $750,000 limit. By answering this question it can eliminate need for further information. Also, you may have mortgage points paid on a refinance that can be deductible.
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March 28, 2023
11:18 AM