Are all my home mortgage interest tax deductible on my new loan? I have refinanced my mortgage with additional debt consolidation cash out.

[nzjunt]

I refinanced my home mortgage with the bank advised to payoff credit cards and with $18K cash out. So how is the mortgage interest treated, are all deductible?

[JulieCo · Accepted solution]

No, the interest on the portion of the refinanced mortgage that was used to pay off debt or something other than to pay for the secured property would not be deductible.  When entering the 1098 information, record the interest amount as reported on the 1098 and then you will be guided through questions where you will note how much of the refinanced loan was used for other purposes.  TurboTax will then calculate the amount of interest to exclude from your return.

See more information below:

https://ttlc.intuit.com/replies/5759630

https://ttlc.intuit.com/replies/3300473