I am being asked if I ever pulled cash out when refinancing. We did refinance for more than we owed to pay off bills. This was 20 years ago, do I still answer yes?

jet1220 · ‎January 22, 2020

BarbaraW22 · ‎January 22, 2020

Maybe. If you are still making payments on the loan you refinanced, you will need to answer "yes" to this question. You must answer yes because you are no longer allowed to deduct the interest from a loan secured by your home that was not used to buy, build, or substantially improve your home.

In addition, for mortgages originating after 12/15/2017 that are used to buy, build or substantially improve your home, you can only deduct mortgage interest on up to $750,000 of debt.

TurboTax will help you determine the amount of your home mortgage interest that is deductible. Please click on the following TurboTax article for more information.

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I am being asked if I ever pulled cash out when refinancing. We did refinance for more than we owed to pay off bills. This was 20 years ago, do I still answer yes?