Skip to main content
June 5, 2019
Question

What items are tax deductible on refinancing primary home?

  • June 5, 2019
  • 1 reply
  • 0 views
No text available

1 reply

June 5, 2019

If you refinanced you may deduct the origination fees over the life of the loanmortgage interest, real estate taxes, and private mortgage insurance, if you itemize. 

Other typical closing costs on a refinance (appraisals, underwriter, attorney, or bank fees, title search, etc.) are not deductible. The closing costs just add to your basis (cost of residence) and can be used later to offset any gains you have from the sale of your house.

In TurboTax, please do the following:

  • Personal
  • Deductions & Credits
  • Your Home
  • Mortgage Interest, Refinancing, and Insurance, Click Start
  • Did you pay any home loans in 2017? Click Continue
  • Who's your mortgage lender? Click Continue
  • Do any of these uncommon situations apply to your loan with __ ? Click Continue
  • Let's get the details from your __  1098 now Click Continue
  • Did you take out this loan in 2017? Click Continue
  • Did you pay points in 2017 when you took out the loan?, select I paid points when I purchased or refinanced to improve my main home in 2017. 
  • If not a main home, then select, I paid points when I refinanced, purchased a second home, or opened a home equity loan in 2017.
  • Depending on what you choose, whether it was you main home or not, you will be able to include your loan origination costs information.

For more information, click here