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If I refinanced my mortgage, which deductions can I claim?

You might be able to deduct home mortgage interest paid or points associated with the loan.

Report deductible items like these on Schedule A: Itemized Deductions:

  • Points
  • Loan-origination fees
  • Mortgage insurance premiums

To deduct home mortgage interest paid:

  • You should own the home.
  • You should be liable on the loan.
  • Your home should secure the loan.

The interest should be reported to you on Form 1098. If you prepaid home mortgage interest, you can't deduct that interest until the year the interest applies.

You must usually deduct points paid to refinance a mortgage loan over the life of the loan. However, you might use loan proceeds to substantially improve your main home. If you do, you can fully deduct the points the year you refinanced the mortgage.

You must deduct these points over the life of the new mortgage if you refinanced:

  • With the same lender
  • Any remaining points from your old mortgage

Points paid for these and other services aren't deductible:

  • Appraisal fees
  • Notary fees
  • Preparation costs for the mortgage note

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