topic Va refinance deductions in Deductions & credits

Va refinance deductions

denvernative50 — Sat, 01 Jun 2019 02:53:17 GMT

I refinanced with a VA streamline program and I paid nothing out-of-pocket however there are many closing costs paid on my behalf in the closing documents. I'm wondering if any of these are deductible

The only closing costs that you can deduct on refinancing...

MargaretL — Sat, 01 Jun 2019 02:53:19 GMT

The only closing costs that you can deduct on refinancing your home are points (also called prepaid interest), real estate taxes, qualified mortgage interest and mortgage insurance premiums.

Other costs, such as appraisal fees, inspection costs, legal, recording fees are not tax deductible (they are deductible for rental properties).

More information:

https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Mortgage-Refinance-Tax-Deductions/INF...

even tho i did not pay anything out of pocket these are s...

denvernative50 — Sat, 01 Jun 2019 02:53:21 GMT

even tho i did not pay anything out of pocket these are still deductible?

If mortgage, real estate taxes and points are paid throug...

MargaretL — Sat, 01 Jun 2019 02:53:21 GMT

If mortgage, real estate taxes and points are paid through your escrow account, they are considered to have been paid by you - so yes, you can deduct. The other fees mentioned in my answer are not tax deductible at all, regardless who paid them