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ptax255
Level 6
September 2, 2023

Refinance with cash out - calculate deductible mortgage interest

  • September 2, 2023
  • 1 reply
  • 6 views

Hi, client had a mortgage of $500K. Refinanced $900K where the excess was not used towards the principal residence, so not deductible. Total interest paid $20K. What's the best way to calculate the deductible interest? Do I just pro-rate based on principal amount?

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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
September 2, 2023

Here is a link to 2022 pub 936. You need to research yourself, as you provide very few details. https://www.irs.gov/publications/p936

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