As your Primary Home, refi charges such as closing...
Level 1

Deductions & credits

As your Primary Home, refi charges such as closing costs or settlement costs were already added to the amount of your fixed and HELOC loans when you received the loan. If you are working on refi both loans into one new 30-year fixed loan, both loans will have a payoff balance amount. When you refi into the new loan, there will be closing costs associated with the new loan. The new tax law was extended for the mortgage insurance premium deduction that expired in 2016. You can still deduct Mortgage Interest for both loans paid in 2017 and your Bank or Lender should have already sent you a 1098 form for each loan. The form should have information about your loan, property taxes, mortgage interest, mortgage insurance premium, and outstanding mortgage balance. In addition, points or origination fees is amortized over the life of the loan or 84 months. See helpful information below.

This widget could not be displayed.
Privacy Settings