A few questions about this. Cash-out refi, refi amount 250, original balance 150. Cash out of 100.
1) Does it matter if the refi happened in the middle of the year? 100% of interest deductible until the refi date on the original amount for the first part of the year and a split percent of the total interest for the balance of the year (after the refi)? Or, I can only deduct the total interest for the year on the original balance (assuming no $ were put back into the home)?
2) On the part of the loan that was not put back into the house, I still have to pay interest on that part of the loan. Is any of that interest deductible since it is still loan interest?
3) Can any money that is put back into the home this year (up to April 15th of the current year) be counted as last year to be included in the total amount of interest deducted for last year?
