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Question

Tax Year Prior to 2020: Does a Reverse mortgage equal a refinance

Forum|Forum|7 years ago
June 4, 2019
1 reply
6 views

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TurboTax Free Edition Online

Level 10

Yes. Except you can't deduct any interest until the loan is paid off. You can deduct any real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct?

https://ttlc.intuit.com/replies/3300426