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forddan622
New Member

How do i add my home refinance info and will it get me a bigger refund?

I refinancedon't my house this year  would that get me a bigger refund?
1 Reply
Marketstar
Level 7

How do i add my home refinance info and will it get me a bigger refund?

You may be able to increase your refund with the following deductible expenses for your refinance.

For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.

On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.

 Enter the above expenses in the following areas:

1.   Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest, Refinancing, and Insurance

2.   Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- ((See Did you pay points in 2016 when you took out the loan? page)

3.   Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4.   Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Interest, Refinancing, and Insurance

Some of the above expenses may be designated on your HUD-1 settlement statement.

See What Information Do I Need From My HUD Statement


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