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ystang01
March 28, 2023
Question

Mortgage Intertest

  • March 28, 2023
  • 1 reply
  • 0 views

Refinanced a home loan, do I add the payoff from the original home loan to the deductions for the new loan?

    1 reply

    KrisD15
    KrisD15
    March 28, 2023

    No, only the interest paid in the tax year is deductible. 

     

    If the loan(s) had a high balance, the payoff of the first loan would lower your average loan balance for the year, but that is not anything you should need to address when entering your 1098 Forms into the TurboTax program. 

     

     

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