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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.
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‎February 17, 2021
3:42 PM