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Can I deduct closing costs for a mortgage refinance?

You can only deduct items considered mortgage interest or real estate taxes. You can't deduct fees for services, like title insurance and appraisals.

You can deduct these items considered mortgage interest:

  • Mortgage insurance premiums -- for contracts issued from 2009 to 2013 but paid in the tax year
  • Points -- since they're considered prepaid interest. You must usually allocate points over the life of the loan.

You can’t deduct your mortgage insurance premiums if your adjusted gross income (AGI) is more than:

  • $109,000
  • $54,500 if you’re married filing separately

 

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