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I refinanced my home in 2020 and received some cash equity. I used some of it to pay off credit cards and $14,000.00 to repair the foundation of the home. I paid $1664.00 in origination charges; how do I express this on my Turbo tax

 
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2 Replies
AmyC
Employee Tax Expert

I refinanced my home in 2020 and received some cash equity. I used some of it to pay off credit cards and $14,000.00 to repair the foundation of the home. I paid $1664.00 in origination charges; how do I express this on my Turbo tax

Credit card debt divided by total debt equals the percent that will not qualify for deduction.

Repairing the foundation counts as that is important! The origination fees are going to be negligible.

 

Example:

$20,000 credit cards / $200,000 loan =10% not allowed

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I refinanced my home in 2020 and received some cash equity. I used some of it to pay off credit cards and $14,000.00 to repair the foundation of the home. I paid $1664.00 in origination charges; how do I express this on my Turbo tax

and as the mortgage amortizes into the future, it's that $20,000 that gets paid off first, so a higher and higher percentage of the interest will be tax deductible into the future 

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