RaifH
Expert Alumni

Deductions & credits

Yes, you want to answer yes. A refinance does not change your original acquisition date back in 2005 since you didn't take cash out. 

 

Deductible interest begins to be limited for homes purchased before December 15, 2017 if your outstanding mortgage principal exceeds $1 million. Homes purchased after that date have a lower limit of $750,000. You should see a bigger deduction when you answer Yes to that question because a greater percentage of your interest is an eligible deduction. 

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