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posted Feb 25, 2022 9:28:59 AM

What is Proceeds used must be entered

I refinanced my mortgage loan and I did not take cash back , just couple of hundreds of dollars as calculation difference the bank do , also I don't know what was the balance of the refinanced loan
now turbo tax is asking me to enter line 13 C
  Were all loan proceeds used to purchase, build, or improve the home secured by this loan?
I don't know what to answer

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1 Replies
Level 15
Feb 25, 2022 9:45:14 AM

did you get a closing statement for the refi? that should show the new loan amount and the old loan balance paid off.  

Were all loan proceeds used to purchase, build, or improve the home secured by this loan?
I don't know what to answer if you didn't take cash out then you didn't do any of the items mentioned so answer "NO"