Home Refinance

[Brustkt]

Hi Tom,
We refinanced our home for a better mortgage rate last year. Can we deduct the cost of our refinance? It was a few thousand dollars.
Thanks.

[Michael]

Until Tom answers maybe some of these threads will help: https://www.daycare.com/forum/tags.p...ion+-+mortgage

[TomCopeland]

Refinancing

Hi Tom,
We refinanced our home for a better mortgage rate last year. Can we deduct the cost of our refinance? It was a few thousand dollars.
Thanks.

The costs of the refinance should be deducted over the life of the new loan. So, if you refinanced over 15 years, deduct the time-space % of 1/15th of the costs each year.

[Brustkt]

Thanks Tom!