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After you file
Yes, you refinanced your mortgage.
Critter-3 is correct. For tax years 2018 through 2025, you can only deduct the interest from the amount of your loan that was used to buy, build, or improve the home that it’s secured if you itemize your deductions.
- Since you used part of this loan to pay for things other than this home, you cannot deduct the interest from that amount of the loan.
For additional information please see Can I deduct my mortgage interest? and How does refinancing a home affect my taxes?
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March 6, 2023
5:11 AM