TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

i refinanced my house and took some money out are there fees i can claim?

Forum|Forum|4 years ago
March 24, 2022
1 reply
0 views

i refinanced my house and took some money out are there fees i can claim?

Employee

If you used the money other than to improve your home you can’t deduct the interest payments.

Employee

Maybe. If you paid points. You can amortize the points over the life of the loan. See Topic No. 504 Home Mortgage Points - IRS.

Example:

You paid $3,000 i loan origination fees/ points

took out a 30 year mortgage

then claim $3,000/30 years = $100/ yr deductible

@Bsch4477 is correct that interest paid on money you took out for things other than to buy, build, or improve your home are not deductible. See About Publication 936, Home Mortgage Interest Deduction.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"