I refied my home, replaced roof etc. how am I not getting any credit?

grammarge53 — Tue, 04 Jun 2019 19:55:32 GMT

is there anything I can deduct for refinancing home?

There is no deduction for refinancing your personal resid...

DoninGA — Tue, 04 Jun 2019 19:55:34 GMT

There is no deduction for refinancing your personal residence or installing a new roof. The roof replacement is an improvement to the home and the cost would be added to the basis of the home when it is sold.

You can continue to deduct your mortgage interest, property taxes, mortgage insurance as itemized deductions on Schedule A, if needed.

Most taxpayers will not need to itemize due to the increases in the Standard Deduction for tax year 2018. Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2018

Single - $12,000 add $1,600 if age 65 or older
Married Filing Separately - $12,000 add $1,300 if age 65 or older
Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
Head of Household - $18,000 add $1,600 if age 65 or older

since this is a refi, any points paid need to be amortize...

Anonymous — Tue, 04 Jun 2019 19:55:36 GMT

since this is a refi, any points paid need to be amortized over the life of the mortgage. also since its a refi, if its more than $750,000, the mortgage interest deduction may be limited.

topic I refied my home, replaced roof etc. how am I not getting any credit? in Deductions & credits

I refied my home, replaced roof etc. how am I not getting any credit?

There is no deduction for refinancing your personal resid...

since this is a refi, any points paid need to be amortize...