Primary home cashout refinanced 840K on 10/1/2016 and 630K was used to pay the original loan. In 2018, can I deduct all my mortgage interest or just 630K part? Thanks

czhong · ‎June 4, 2019

MinhT · ‎June 4, 2019

If you used the difference between $840k and $630k for other purposes, then you can only deduct mortgage interest on the $630k you used to pay off the first loan.

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MinhT · ‎June 4, 2019

If you used the difference between $840k and $630k for other purposes, then you can only deduct mortgage interest on the $630k you used to pay off the first loan.

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czhong · ‎June 4, 2019

Used for other purposes. I am in California. Does the $630k apply to California state tax as well? Thanks again.

MinhT · ‎June 4, 2019

Yes.

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Primary home cashout refinanced 840K on 10/1/2016 and 630K was used to pay the original loan. In 2018, can I deduct all my mortgage interest or just 630K part? Thanks