scott_saulsbury

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My current mortgage and HELOC used to purchase my home in 2017 are over $1M. If I refinance in 2019, how do I calculate the impact of my deduction under the new rules?

Forum|Forum|7 years ago
June 1, 2019
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I assume if I refinance, I lose the grandfathered debt up to $1M under the old rules. I would roll the HELOC which was acquisition debt into the primary, but it would be over the current $750k. How do I calculate the impact to my taxes to see if it is worth it?

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Best answer by CherylW

You are correct, you would lose your grandfathered debt.

If you know how much mortgage interest you'll pay in 2019, you can input it into your 2018 return to see. Remember to take it out though!

Also keep in mind that we don't know what'll happen in the tax year for 2019: we can only base it on this year's laws.

Employee

You are correct, you would lose your grandfathered debt.

If you know how much mortgage interest you'll pay in 2019, you can input it into your 2018 return to see. Remember to take it out though!

Also keep in mind that we don't know what'll happen in the tax year for 2019: we can only base it on this year's laws.