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H
harmonl12
March 24, 2022
Question

i refinanced my house and took some money out are there fees i can claim?

  • March 24, 2022
  • 1 reply
  • 0 views

i refinanced my house and took some money out are there fees i can claim?

    1 reply

    B
    Bsch4477
    March 24, 2022

    If you used the money other than to improve your home you can’t deduct the interest payments. 

    AmyC
    AmyC
    March 24, 2022

    Maybe. If you paid points. You can amortize the points over the life of the loan. See Topic No. 504 Home Mortgage Points - IRS.

    Example:

    You paid $3,000 i loan origination fees/ points

    took out a 30 year mortgage

    then claim $3,000/30 years = $100/ yr deductible

     

    @Bsch4477 is correct that interest paid on money you took out for things other than to buy, build, or improve your home are not deductible. See About Publication 936, Home Mortgage Interest Deduction.

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