I refinanced in 2016, are my closing costs deductible?

[HelenaC · Accepted solution]

Generally, when you refinance your main home or a second home for personal use (such as vacation property or a cabin), you can only deduct points over the life of the loan. You'll need to take the itemized deduction.

Mortgage interest, real estate taxes, and private mortgage insurance may also be deductible if you itemize. Other typical closing costs on a refinance (appraisals, underwriter, attorney, or bank fees, title search, etc.) are not deductible.

We'll ask about your refinancing expenses when you go through the "Your Home" area in the Deductions & Credits section.

Now, if you refinanced rental property, there's a lot more you can deduct. Read more

Related Information:

• What can I deduct when refinancing rental property?
• Can I deduct mortgage points?
• Can I itemize my deductions?