Home refinance costs

[Sly77]

I refinanced both my rental and home properties. However, there is no where I can list my closing costs for my home. Where can I add these expenses?

[Coleen3 · Accepted solution]

You can't. Points paid as part of a mortgage refinance usually must be deducted over the life of the loan. If you refinanced to a 15-year mortgage, for example, then you'd deduct a portion of the points each year for 15 years.

When refinancing for a second time, or paying off a loan early, a taxpayer maydeduct all the not-yet-deducted points from the first refinancing when that loan is paid off. Other closing costs, such as appraisal fees and processing fees, generally are not deductible