Re: Refinance balance higher than original loan
Level 3

Home loans

Follow up:  refinanced loan has a balance of $9000 (593k) more than ending balance on original loan (584k).  Since refinancing, I’ve paid a total of about 4k in interest on the new mortgage.  
when I plug the numbers in, Turbo Tax is taking that entire 4k off of my itemized deductions (from 31k to 27k).   Is that correct?  Shouldn’t the deduction only be modified for the fraction of those interest payments that went toward the 9k I got back?

 

thanks again!

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