Tax Deduction Refinance Mortgage
March 13th, 2008
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Question: I currently own my home outright with no mortgage. I am considering a mortgage to pay some bills and remodel.?
What Tax Deductions are available to me? Will this be treated as a purchase or refinance? Thank you.
Answer: It will be treated as a refinance. The mortgage interest you pay will be deductible on Schedule A – Itemized Deductions along with any points that you pay for a mortgage, but you will have to itemize to get any benefit out of the mortgage interest.
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