I refinanced my home, what can I deduct?
You can deduct:
- Mortgage interest
- Mortgage insurance
- Real estate/property taxes
You’ll receive two 1098 forms so enter both of them, (first the one from your original loan, then the one from your refinance) but don’t add them together. Also, we’ll want to know which loan was paid off. So, when you get to that screen be sure to indicate that it was paid off. You may also be able to deduct some items on your closing statement so have it handy. Don’t worry, we’ll help you enter the information as you go.