I refinanced my home and need help?

[spgljgedg1]

i refinanced my home and need help

[Marketstar]

We would be glad to address any specific question you may have,

[gvkansascity]

are the refinancing fees dedudctible on my tax return

[sugarbutter885]

I refinanced my home last year and have a new loan, what do I put for balance owed if its 0

[putz-in-boots]

i refinanced my home in 2018 and have a new loan, where do I find the total amount borrowed on my 1098

[Ryrex]

what amount do I enter when it asks: since you first took out this loan, how much has spent to buy, improve or the the home it's secured by?

[Marketstar · Accepted solution]

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

Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.

1. Attorney fees in connection with obtaining property
2. Commissions
3. State stamp taxes and transfer taxes
4. Tax service fees
5. Title policy fees or title insurance
6. Miscellaneous abstracts of title, surveys, recording of deed
7. Appraisal Fee

[Tutt47]

In preparing my 2020 taxes I've run into a snag with the program. We live in the same home, but refinanced in 2020 through a new lender. The lender sold the mortgage and we now have a new mortgage holder as of 09/01/2020.

The problem I'm encountering is that in the final check it is asking for information on the sale of our home and net profits.

We did not sell our home ! What should I do?