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gobybike
February 4, 2020
Question

Can I deduct some/all of the interest on a cash out refinance if I used the cash to buy a new primary residence (still own 1st house)??

  • February 4, 2020
  • 1 reply
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    H
    HelenC12
    February 4, 2020

    Yes, you can. The IRS lets you deduct your mortgage interest, on your primary home and a second home, but only if you itemize deductions. You can't deduct the principal (the borrowed money you're paying back).

     

    To read the entire TurboTax FAQ, see Can I deduct my mortgage?

     

     

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