I refinanced a previous loan in 2021. Do I continue to select this option every year until the loan is paid off? Do I need to track money spent annually?

g1230 · ‎April 1, 2023

KrisD15 · ‎April 1, 2023

Yes, once a loan is refinanced, that loan will always be a refinanced loan.

The interest allowed to be claimed on a refinanced loan will always be rationed yearly depending on the proportion relating to the home it is secure by and the cash taken out and not used on that home.

You do not need to track the money spent, unless you use funds for the house in 2022 that was reported as "not used for the home" in 2021.

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I refinanced a previous loan in 2021. Do I continue to select this option every year until the loan is paid off? Do I need to track money spent annually?