During the interview, the program will ask
- Is this the original loan you took when you purchased the property, you will say no.
- Next screen should say Great. What type of a loan is it? You will indicate this is loan you have refinanced.
- Have you pulled cash from this when you refinanced. You will say yes.
- Then next question will ask if you used tis money exclusively on this home. Here you will say no.
- Next screen will assist you in determining the interest you can deduct this year based off of the amount you cased out during the refinance.
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