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crispone
April 15, 2024
Question

We refinanced our mortgage several years ago. Do we continue to report this as a refinance?

  • April 15, 2024
  • 1 reply
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Vanessa A
April 15, 2024

Yes.  You will continue to report it as a refinance.  The primary reason is, many people use some of the money for things other than to buy, build or substantially improve the home.  This money that is not used for those purposes will need to removed from the mortgage interest deduction.  Meaning, you cannot take a deduction for money that was used for anything other than to buy, build or substantially improve the home the mortgage is secured by. 

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