Question: How much of my 2008 home refinance is tax deductible?

(Posted by: ericksonfam1 on 2009-01-27 18:07:53)

Posted by: Judy1 on 2009-01-27, 18:16:34

Not much. The amount, if any, that was for real estate taxes and mortgage interest. Points can't just be deducted that year, they have to be amortized over the life of the loan.

Posted by: hrblockerrolquinn on 2009-01-27, 18:40:42

Dear E: All of your mortgage interest is deductible. Look for Form 1098 Mortgage Interest Statement and it will list your mortgage interest in box 1. In box 2 you will see any points you paid at closing, these will have to be amortized (divided out of the life of the loan). This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provide. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor