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Question

I refinanced my home in 2020 and have 3 Lenders, Original, Refi Lender, Lender who bought refi loan. We took out cash with the Refi, I'm confused with this worksheet...

Forum|Forum|5 years ago
February 1, 2021
1 reply
0 views

I used 95% of the refi loan on the house and 5% on debt consolidation. This means 95% of my mortgage interest is deductible? The refi lender only had the loan a few months so the mortgage interest was very small. Do I have to claim a cash out on the lender who bought my mortgage from the refi lender and apply the 95% to that mortgage interest also? My tax review is hanging up on the "Home Mortgage Interest Worksheet".

TurboTax Deluxe Online

Yes, only 95% of the interest would be deductible. Yes, the refi loan that was purchased also has the reduced mortgage interest deduction.

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