Refinancing my house

[Aparth1]

Hello, I refinanced my house last year (Jan,2021). How will this affect my taxes?  Will it result in me paying more tax or less? Also, is there anything specific that I need to do when I file for my taxes this year? 

[JulieS]

It will make your taxes  a little more complicated this year, but I can't predict what effect this will have on your refund. You may end up with more deductions, but your interest is likely less on the new loan.

You will get two 1098-INT forms, one from your original lender and one from your new loan. 

You may be able to deduct:

• Mortgage interest
• Points
• Real estate/property taxes
• Mortgage insurance

Click here for some specific advice on entering your mortgage information in TurboTax.