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American income tax question. If you refinance your home is…

American income tax question . If...
American income tax question .
If you refinance your home is there any part of the refinance that’s deductible?
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Answered in 3 minutes by:
3/20/2018
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 125
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
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Hello, my name is ***** ***** I can assist you. Yes there are certain costs you can deduct. For example, if you paid points when you refinanced your mortgage, you can deduct them over the remaining life of the loan. Word of caution - settlement fees are not deductible (ex - appraisal fees, attorney fees, recording fees).

Please let me know if you have any follow up questions for me.

Thanks!

Fred

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Customer reply replied 30 days ago
I didn’t pay any points but did pay a fee to lower my loan fee from 3.25 to 3%. Is this or anything thing else eligible?

That qualifies but has to be deducted over the life of the loan.

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Customer reply replied 30 days ago
Do I split that fee by 15 the years of the loan?

Yes - ex - if fee is lets say $15,000 and mortgage is 15 year, you would deduct $1K

Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 125
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
Verified
Fred Rook and 87 other Tax Specialists are ready to help you
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Customer reply replied 30 days ago
Thanks

My pleasure!

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Fred Rook
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 125
125 Satisfied Customers
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.

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