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Where should I enter how much of my refinanced mortgage I took as cash out?
Under Deductions & Credits, while entering info my 1098, I selected that the loan was a refinance and that not all of the loan taken out was used to buy, build, remodel, or repair the house (a small portion was used to pay off other debts - the rest all went into buying the house in the refinance). On the next tab, the question asked is "How much of your loan did you use to build, remodel, or repair the property it's secured by?" - it does not state *buy*, build, remodel or repair. Technically, then, this amount would be 0 - unless it's meant to also include the funds put towards buying the house.
Is this box meant to include any funds from the refinance that went towards the purchase of the house? If not, how can it account for the portion of the loan that was not used for this purpose?
Is this box meant to include any funds from the refinance that went towards the purchase of the house? If not, how can it account for the portion of the loan that was not used for this purpose?
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‎January 9, 2023
10:05 PM