topic Primary home cashout refinanced 840K on 10/1/2016 and 630K was used to pay the original loan. In 2018, can I deduct all my mortgage interest or just 630K part? Thanks in Deductions & credits

Primary home cashout refinanced 840K on 10/1/2016 and 630K was used to pay the original loan. In 2018, can I deduct all my mortgage interest or just 630K part? Thanks

czhong — Tue, 04 Jun 2019 19:14:05 GMT

If you used the difference between $840k and $630k for ot...

MinhT — Tue, 04 Jun 2019 19:14:07 GMT

If you used the difference between $840k and $630k for other purposes, then you can only deduct mortgage interest on the $630k you used to pay off the first loan.

Used for other purposes. I am in California. Does the $63...

czhong — Tue, 04 Jun 2019 19:14:08 GMT

Used for other purposes. I am in California. Does the $630k apply to California state tax as well? Thanks again.

Yes.

MinhT — Tue, 04 Jun 2019 19:14:10 GMT

Yes.