Deducting Re-fi Points. When you refinance, your deduction isn’t nearly as generous as when you purchase a home. Instead of deducting the full cost of points in the year you refinanced, you must amortize the cost of the points over the life of the loan, and claim a proportionate amount each year.
(You can still refinance a home under the old rules if it was purchased before Dec. 15, 2017.) Also, there was previously no limit on deductions for state and local taxes (SALT). The current $10,000.
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The Old Rules (2017 and prior years) Under the prior law (which still applies to the 2017 income tax return you will file this spring), homeowners can deduct mortgage interest paid on acquisition indebtedness up to $1,000,000 ($500,000 for married filing separately status), plus interest paid on home equity indebtedness up to $100,000. Interest on that home equity indebtedness is deductible (up to $100K) no matter the use of the debt proceeds as long as all home-related debt does not exceed.
The new deduction rules apply to the refinancing of an initial mortgage that was completed after December 15, 2017. If the initial mortgage went into effect on or before that date, it has been grandfathered in and the new rules regarding refinancing don’t apply to it.
The key date here is Dec. 15, 2017. (If you refinance to borrow more than your current mortgage balance, different rules may apply, though.) Property taxes are generally still tax-deductible, but.
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3 Lost Tax Deductions That Might Surprise You – Even if you refinance home equity indebtedness into another mortgage. $12,000 and for married filing jointly is $24,000 – nearly double the standard deduction in 2017. As such, far fewer. Texas First Time Home Buyer Assistance programs homebuyer assistance Program (HAP) | City of.
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MoneyTips is happy to help you get free refinance quotes from top lenders. Finally, the 2018 Bipartisan Budget Act allows qualified mortgage insurance premiums to also be treated as deductible.
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Refinancing your home mortgage at a lower interest rate can save you a significant amount of money each month. However, you can also save some money on.
The law was extended several times through 2017, but effective December 31, 2017, the tax deduction for mortgage insurance expired. According to the official IRS page: "Mortgage insurance premiums. The itemized deduction for mortgage insurance premiums expired on December 31, 2017.