Hello !
My question(s) deals with deductions for refinancing my home on December 31, 2020. My wife & I are in the process of completing the refinancing of our home in Arizona. We are awaiting to receive the "Closing Disclosue" email followed with closing with a notary on 12-31-2020. It appears that we will be required to close on 12-31-20, but because of the 3-day waiting period, it doesn't appear that the actual "FUNDING" will take place until sometime after 1-1-2021 due to the apparent lineup of clients refinancing at the same time. However, and in the meantime, can you answer the following:
(1.) The existing Wells Fargo 1st mortgage will be funded 3 days after the closing's 3-day waiting period so, can I use those deductions for 2020 or must they be used in 2021 ?
(2.) Exactly what items can be used for deductions from the refinancing process while noting that the new mortgage will be with AMERISAVE even though it will possibly be sold to another lender at some point after closing.
(3.) The closing & funding involves the loan payoffs to Wells Fargo, who holds the 1st mortgage, AND secondly to my credit union who holds a HELOC balance which is the 2nd mortgage.
Please tell me the best way to make sure I don't miss any deductions for both of these loans while indicating what TAX YEAR(S) are affected.
Thank you very much in advance !
Steve Monaco - AZ resident
