MarilynG1
Expert Alumni

Deductions & credits

@ oliu612 Yes, you can still deduct Mortgage Interest for the amount of the Original Loan you Refinanced with Cash Out.

 

If you have a Refi loan for 50K, for example, and paid off the original loan balance of 45K, and took 5K out for other stuff, enter it just that way.

 

Indicate you have a 50K loan, which 5K was cash out, so 45K was used to 'buy, build or improve' the home.  

 

Click this link for more info on Entering a Refi With Cash Out

 

 

 

 

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