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gtg619x
New Member

Does the change in Mortgage deduction with the new tax law apply to refinance?

 
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Accepted Solutions
Zbucklyo
Level 9

Does the change in Mortgage deduction with the new tax law apply to refinance?

It appears from reading the headlines that new mortgages (i.e., refinances) would be subject to the $750,000 cap.  However, this is not definitive, and perhaps this is not correct, or refinances already in progress will maintain the $1,000,000 cap.

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5 Replies
SweetieJean
Level 15

Does the change in Mortgage deduction with the new tax law apply to refinance?

The new tax law has not yet been signed into law.
Carl
Level 15

Does the change in Mortgage deduction with the new tax law apply to refinance?

It's my understanding, though I still can't find anything confirming it, is that the changes to the tax law being worked by the present administration, start for the 2018 tax season, and are not retroactive for the 2017 tax season.
gtg619x
New Member

Does the change in Mortgage deduction with the new tax law apply to refinance?

That’s sounds right. However, my refinance will close in Jan and so I would still be impacted.
Carl
Level 15

Does the change in Mortgage deduction with the new tax law apply to refinance?

I'd tell the lender to close on Dec 30th, or the deal's off. They don't have to know you're bluffing.
Zbucklyo
Level 9

Does the change in Mortgage deduction with the new tax law apply to refinance?

It appears from reading the headlines that new mortgages (i.e., refinances) would be subject to the $750,000 cap.  However, this is not definitive, and perhaps this is not correct, or refinances already in progress will maintain the $1,000,000 cap.

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