Did cash out refi to buy out my ex-wife's interest in our home. All money taken above remaining principle goes to her. Is interest on new loan deductible under new laws?
Announcements
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
Did cash out refi to buy out my ex-wife's interest in our home. All money taken above remaining principle goes to her. Is interest on new loan deductible under new laws?
All proceeds from the refinance that are above the remaining principle, will go to my ex-wife solely for the purpose of buying out her interest in this property, and are not part of any other financial settlements of the divorce.
Did cash out refi to buy out my ex-wife's interest in our home. All money taken above remaining principle goes to her. Is interest on new loan deductible under new laws?
What you did was, purchase your wife's interest in your house. So, as long as your mortgage otherwise qualifies, all of the interest is deductible.