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posted Mar 24, 2022 8:36:20 AM

i refinanced my house and took some money out are there fees i can claim?

i refinanced my house and took some money out are there fees i can claim?

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2 Replies
Level 15
Mar 24, 2022 9:45:38 AM

If you used the money other than to improve your home you can’t deduct the interest payments. 

Expert Alumni
Mar 24, 2022 10:01:33 AM

Maybe. If you paid points. You can amortize the points over the life of the loan. See Topic No. 504 Home Mortgage Points - IRS.

Example:

You paid $3,000 i loan origination fees/ points

took out a 30 year mortgage

then claim $3,000/30 years = $100/ yr deductible

 

@Bsch4477 is correct that interest paid on money you took out for things other than to buy, build, or improve your home are not deductible. See About Publication 936, Home Mortgage Interest Deduction.