The following can be deducted on a refinance:
·
Daily mortgage interest from the day you closed to the end of the month.
You will see this on your closing document, but it may not be included on
your 1098 mortgage statement.
· Real estate taxes charged
to you
· Points (sometimes called
origination fees and expressed as a percentage of the amount borrowed. On a
refinance they need to be amortized over the life of the loan unless the points
were used to improve your main home
· Mortgage insurance, if paid
Alimony is
a payment to or for a spouse or former spouse under a divorce or separation
instrument. Alimony does not include voluntary payments that are not made under
a divorce or separation instrument. Alimony is deductible by the payer and must
be included in the spouse's or former spouse's income
Alimony
does not include:
·
Child
support
·
Noncash
property settlements
·
Payments
that are a spouse's part of community income
·
Payments
to keep up the payer's property
·
Use
of the payer’s property
Alimony Requirements:
·
The
payment is in cash.
·
The
instrument does not designate the payment as not alimony.
·
The
spouses are not members of the same household at the time the payments are made
(applies only if the spouses are legally separated under a decree of divorce or
separate maintenance).
·
The
payer is not required to make any payment (in cash or property) after the death
of the recipient spouse.
·
The
payment is not treated as child support
