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Level 4

Home Equity refinaced Mortgage

I had refinanced Home Equity Line of Credit Loan with a regular Mortgage Loan in 2018 and paid off Home Equilty Line of Credit loan with mortgage loan.  Is the interest I had paid on that mortgage loan tax deductible for 2018 tax year? (This mortgage loan was not used to purchase or repair the house) 

2 Comments
Level 11

Home Equity refinaced Mortgage

not enough detail provided ; suggest using Turbo Tax step x step and the questions they ask will get you to the right answer.  Need to know dates of the mortgages, size of the mortgages, etc. 

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Employee Tax Expert

Home Equity refinaced Mortgage

Unfortunately, for 2018, only home mortgage interest to buy, build, or improve your home is deductible on your federal return.  Then, it is only deductible if the total mortgages do not exceed $750,000.  However, it still may be deductible for some states.  Please make sure to follow the questions in the software and review your state deductions as well.