Question

I refinanced my home to buy a second home to live in can i use any of this as a deductable

Forum|Forum|7 years ago
June 3, 2019
2 replies
0 views

We refinanced our home to get money out in order to purchase a home so my husband had a place to live rent free. I've already used the taxes is there anything else I can use - any of the money used to purchase the house?

C

Coleen3

Employee

You can deduct the property taxes as long as you don't exceed the SALT limits. Buying a house does not impact your taxes.

V

Vanessa11_2

Employee

No, since the cash from the refinance was not used to buy, build or substantially improve the home the loan is secured by, neither points nor interest would be deductible.

Any closing costs you have would be added to the cost basis of the home purchased and then it will be deducted from the sales price if you ever sell the home.

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