Home Mortgage Interest Worksheet Refi

[Ryanjen27x]

Hello,

In smart check , seeing 

Home Mortgage interest worksheet (WF) Refi must be entered

No entry

Refinance Yes

Refinance No

I refinanced 4 years ago, do I need to answer yes to this every year and pay on the money we borrowed against it every year?

[michaelD56]

No, you should not. I'm using the Premier version and on the worksheet it asks if you refinanced last year. If you answer no, then you shouldn't have to answer additional questions  and the refinanced loan info should carryover from prior years. In essence, it becomes the primary loan basis going forward.  Turbo tax asks this refinance question so it can determine what the loan was used for, the new total amount of the loan and to keep track of principal on the property. There are rules on what interest can be deducted and total loan limits (interest paid on the loan amount over the $750,000 limit can't be deducted).