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{"id":29,"date":"2014-03-27T21:51:31","date_gmt":"2014-03-27T21:51:31","guid":{"rendered":"http:\/\/1stnwm.com\/blog\/?p=29"},"modified":"2014-03-27T21:51:31","modified_gmt":"2014-03-27T21:51:31","slug":"refinancing-fees-tax-deductible","status":"publish","type":"post","link":"https:\/\/www.1stnwm.com\/blog\/refinancing-fees-tax-deductible\/","title":{"rendered":"What Refinancing Fees Are Tax Deductible?"},"content":{"rendered":"

Many people wonder what refinancing fees are tax deductible, so they do not break the rules writing off costs that are not eligible for a discount. In general, many refinancing charges can be written off when you file your taxes, but there are rules you must follow when you list them.<\/p>\n

There are higher restrictions on deductions you can make on your primary residence versus other properties that you may own a title for. Be sure to look up the rules and requirements for the specific type of mortgage holding you have, as these will vary from residence to residence. You must also recalculate your deductions each year to ensure that you are not writing off deductions multiple years in a row.<\/p>\n

Deducting “Points”<\/h4>\n

In general, taxpayers are welcome to deduct the “points” that must be paid to obtain their home mortgage.<\/p>\n

    \n
  1. Points associated with home purchase or major home improvements may be tax deductible<\/li>\n
  2. Points on a refinanced loan will need to be deducted over the life of the loan<\/li>\n
  3. When refinancing a mortgage a second time or paying off a loan early a taxpayer can deduct all points that were not yet paid<\/li>\n<\/ol>\n

    The points that you may deduct are directly associated with how much value is left in your loan. You may only deduct points based on how much you have already paid so you are not counting multiple deductions on your taxes.<\/p>\n

    Deductions for Your Principle Residence<\/h4>\n

    When you are looking into your tax deductions for your principle residence there are requirements you must meet.<\/p>\n