Hi @KarenM90
My original loan was in 2016 for $1.17 million for 30 years. I'm refinancing now in 2020, to lower my rate on a new 30 year mortgage. My principal at time of refinance is $1.01 million. I'm borrowing an additional $4k for closing costs. My understanding from is:
1. I can continue to deduct the interest on the $1.01 million (adjusted proportionally to the old $1 million debt cap) for the remaining duration of the refinance loan
2. I cannot deduct interest on the $4k for closing costs.
Is my understanding correct?
