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hendis4289
Level 2

TT asking about home loan

More than a decade ago, we took out two mortgages. We used the full amount of both mortgages specifically for the purchase of our home, and received no money. However, several years later, we were able to refinance. We combined both mortgages into one, and received cash through the refi transaction.

 

Now TT is asking about the money we pulled out of the "home loan".  Is TT asking about the initial mortgages, or the refi?

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AnnetteB6
Employee Tax Expert

TT asking about home loan

The questions being asked would pertain to the loan for which you are claiming a mortgage interest deduction on your return.  Presumably, that would be the refinanced one, not the original mortgages.

 

 

@hendis4289

 

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1 Reply
AnnetteB6
Employee Tax Expert

TT asking about home loan

The questions being asked would pertain to the loan for which you are claiming a mortgage interest deduction on your return.  Presumably, that would be the refinanced one, not the original mortgages.

 

 

@hendis4289

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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