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Deductions & credits
For a cash-out refinance, if you used any part of it for your home, the interest on that amount is deductible.
For example, you obtained a new loan for 30K, of which 10K was used for remodeling/home improvements. One-third of the mortgage interest would be deductible.
Here's more detailed info in this Mortgage Interest FAQ's, plus instructions for entering Multiple Mortgage Interest Statements.
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‎February 26, 2025
9:01 AM