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J
jcfo
Level 2
June 8, 2022
Question

home mortgage deduction

  • June 8, 2022
  • 1 reply
  • 10 views

When refinancing your primary home, when the amount of cash received is different (lower) than the amount of the loan increase ( difference being closing costs, taxes, interest ect), which loan increase amount do you use to calculate the amount under 750,000. Thanks 

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1 reply

qbteachmt
qbteachmt
Level 15
June 8, 2022

If your taxpayer took out cash, then you also need to consider what the funds got used for. I would start here:

https://www.irs.gov/publications/p936

You might have a mixed mortgage to contend with. That Pub has tables for you to work through.

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