You can deduct the full amount as interest.
In general, the data entry depends on how
you used the loan that you just refinanced. Please read below:
- If you
refinanced your loan to make
improvements, the whole amount is deducted as interest - in TurboTax
select box I bought or improved my main home
with this loan in 2016
- If you
refinanced our home and the loan is not used for home improvements your
origination fees/points paid as a refinance can be deducted pro-rata over
the life of the loan. If you refinanced to a 30-year mortgage,
for example, you will deduct a portion of the points each year for 30
years - in TurboTax select box I'm spreading
the point (amortizing) over the life of my loan
Here's
data entry:
- Federal Taxes
- Deductions
and Credits
- Your Home
- Mortgage
Interest, Refinancing, and Insurance - follow the prompts; when lender's
name is entered, select either of the boxes as based on your
situation and my explanation above.
