i just refinanced in 2006, i was told you can claim some fee's on certain lines etc.. is it the orgination fee? or something else.
2007-02-12 00:31:49 · 4 answers · asked by kevin m 1 in Business & Finance ➔ Taxes ➔ United States
Loan origination fees are also called points, on a refinance you must spread those over the life of the loan.
Mortgage interest it a deductible expense
Real Estate or Property Taxes.
These are fees that can be deducted on a Federal tax return IF you are itemizing your deductions on the Schedule A rather than taking the Standard Deduction
Publication 936
http://www.irs.gov/publications/p936/index.html
2007-02-12 00:42:45 · answer #1 · answered by Anonymous · 1⤊ 1⤋
The only thing on a re-fi that you can claim is a share of the points. Points on a re-fi must be spread out over the length of the loan. If it's a 15 year re-fi, you may deduct 1/15 of the points.
None of the other fees or costs are deductible. Prepaid interest is deductible but will be on the Form 1098 you receive at year end. Escrow deposits for taxes and insurance are not deductible.
2007-02-12 09:22:41 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Pretty much.....nothing.
The only "deductible" on the for would be points or loan origination fees and, on a refinance, they must be spread over the life of the loan.
2007-02-12 08:53:28 · answer #3 · answered by Wayne Z 7 · 0⤊ 2⤋
Do you mean to claim on your tax return? Points, tax prepaid, interest prepaid can be deducted on your tax.
2007-02-12 08:38:34 · answer #4 · answered by spot 5 · 0⤊ 2⤋