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Someone refinances a mortgage over $1 million that was
For CarterHey- If someone refinances a mortgage over $1 million that was originally taken out before 2017 are they grandfathered in to the $1 million or does it become $750K because it is a new debt?… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,070 satisfied customers
Mortgage Interest Deduction Home purchase in 2015 and
Mortgage Interest DeductionHome purchase in 2015 and mortgage of $995k Heloc added in 2017 not for home improvements for 100k.2019- Only interest on 995k was deducted in tax return2020 - Refinanced an… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,561 satisfied customers
If I get a home refinance and the lender increases the
If I get a home refinance and the lender increases the principal to apply towards escrow, is this considered a cash-out even if I didn't get any money in my pocket and actually paid some closing cost?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,395 satisfied customers
I sold my primary residence in 2020 and purchased a new
i sold my primary residence in 2020 and purchased a new primary residence in 2020, im on the H&R block website trying to input my info, the first mortgage for the property that sold was $350K and the … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,561 satisfied customers
I have question about deductibility of home mortgage
I have question about deductibility of home mortgage interest for 2020 … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,395 satisfied customers
I have a 625k mortgage on my primary residence which was
I have a 625k mortgage on my primary residence which was purchased in 2005... so the deductibility of mortgage interest on up to 1MM in debt is grandfathered. If I borrow an additional 375k as a home … read more
Mr. Tax
Mr. Tax
CPA
Master's of Science
1,010 satisfied customers
I have an intrafamily loan that was started back in 2016 and
Hello, I have an intrafamily loan that was started back in 2016 and while I was preparing my taxes, I discovered that I could deduct the interest. Is that true? My father-in-law is concerned that clai… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,750 satisfied customers
If I had a mortgage that had an origination date of 2017 for
If I had a mortgage that had an origination date of 2017 for 900K can I deduct all the mortgage interest? What happens if I refinance would I be subject to the 750K cap on deducting mortgage interest?… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,070 satisfied customers
Follow up to my previous question. I had 750K mortgage and a
Carter,Follow up to my previous question. I had 750K mortgage and a 90K home equity both of which originated prior to 2018. In 2019 I refinanced both into a 823K mortgage at a lower in 2019. Can I ded… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,070 satisfied customers
I sold and bought a new home in 2019. I'm doing the mortgage
Hi. I sold and bought a new home in 2019. I'm doing the mortgage interest deduction for both but it is limiting my deduction because collectively the home I sold and the home I bought were over 750K..… read more
PDtax
PDtax
Owner
Master's Degree
6,471 satisfied customers
A couple has a mortgage with a principal balance of 695,000.
A couple has a mortgage with a principal balance of 695,000. The loan origination date was 6/17/2013. They pay 27,000 of interest on this loan in 2018. They also have a HELOC. The loan date is 11/2/20… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,395 satisfied customers
We have 2 homes which we deduct mortgage interest. one has a
we have 2 homes which we deduct mortgage interest. one has a mortgage almost 10yrs old and one had a mortgage we originated in early 2017 but refinanced april 2018. they have amounts over 1.0M. Since … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,561 satisfied customers
For 2018 tax year can you deduct mortgage interest on a
For 2018 tax year can you deduct mortgage interest on a second home that isn't primary residence? 2nd mortgage orgination date was 2013.… read more
Rick
Rick
MBA
10,362 satisfied customers
If I got a $800,000 loan to buy a house in Jan 2005 and
If I got a $800,000 loan to buy a house in Jan 2005 and let's say my outstanding loan will be about $560,000 in Jan 2018. Then I proceed to get a $100,000 HELOC in Jan 2018 to remodel my kitchen. Will… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,750 satisfied customers
Outstanding mortgage balance exceeds $1,000,000 @ EOY 2018.
Outstanding mortgage balance exceeds $1,000,000 @ EOY 2018. Origination date is 11/6/2007. Total Mortgage interest paid is during 2018 is $74000. 45% of Home is used for office. Q's - 1) All mortgage … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,017 satisfied customers
I bought a home in 2017 with a mortgage of 800K on
I bought a home in 2017 with a mortgage of 800K on 12/27/2017 the original bank transferred my loan to another bank and then in 2018 that happened again with two other banks. on the 1098 the second ba… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,687 satisfied customers
We plan to refinance our mortgage and we are aware that
We plan to refinance our mortgage and we are aware that under the new tax code the maximum amount deductible for 'new mortgages' is $750K. We are also aware of a grandfathering rule but not sure if it… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,017 satisfied customers
I am a CPA with a tax question about form 6251-the worksheet
I am a CPA with a tax question about form 6251-the worksheet for line 4-mortgage interest on the AMT. Here are the facts. on the 2012 return, the taxpayers had total mortgage interest deducted on sche… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
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