Refinanced Home

Forum|Forum|2 years ago
March 23, 2024
1 reply
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I refinanced my home several years ago. every year when I do my taxes, Turbo Tax asks if this is a refinanced loan. I don't know whether to continue marking yes every year. The loan itself was refiniced from my original home loan, but it isn't being refinanced every year. Should I continue marking refinanced every year when it asks?

Best answer by CGTaxes

Thank you so much for taking the time to respond to my question! Your answer was extremely helpful, and I copied it and saved it for future reference.

zomboo

Your current loan is a refinance of your original mortgage. It is not itself a refinanced loan.

When asked 'Was this loan payed off or refinanced with a different loan?' Answer NO

'Is the 1098 you are working on the most recent for your loan? YES

'Is this loan the result of refinancing a previous loan': YES

You will be asked if you took money out pay for other things and might be asked to enter the date and amount of your original mortgage.

CGTaxesAuthorAnswer

Thank you so much for taking the time to respond to my question! Your answer was extremely helpful, and I copied it and saved it for future reference.