Are there tax benefits when refinancing an existing mortgage?

[LinaJ2020]

Yes, there are.  When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.

To enter the information in the program, here are the steps:

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "1098" and Enter
• Select Jump to 1098
• Follow prompts

For more information, click here: https://turbotax.intuit.com/tax-tips/home-ownership/mortgage-refinance-tax-deductions/L2fzA7hg5

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