Thanks Michael for the reply. I appreciate the help. I'm still very confused on finding out if our home loan interest is deductible? It was a cash out refinance in Jan 2021 from a house we bought in 2013. The cash out was 24k I believe of which essentially none was used on the qualifiers for the house.
You kind of lost me here: "But, if your loan before this was used exclusively to buy, build, or improve your property, and you had and ending balance with your other lender, that is your starting point for the qualified amount, or your ending balance with your other lender if all was qualified mortgage interest before can still be used....."
We had three 1098's last year. Wells Fargo was initial lender, into a Ohio Company that did our cash out refinance and then they sold it to Flagstar. So would I put the ending amount of the Ohio Company 1098 as the amount when it asks "How much of your loan did you use to build, remodel, or repair the property?" This box just isn't for renovations or remodels? For which we had basically none. It would be $200k+ most likely instead of the $0? Do I have to subtract the cash out part somewhere?
Also, how would I know if the loan amount was claimed last year? Again we refinanced in January 2021 I believe so it seems weird that we're being asked now if its deductible? We took the standard deduction last year if that matters?
Thanks again.
