Attention Tax Gurus

[jaxfactor]

I refinanced this past year. Am I able to claim the closing costs on my taxes? Anything else? TIA

[Puddy]

I refinanced this past year. Am I able to claim the closing costs on my taxes? Anything else? TIA

IIRC you can deduct any points you may have paid but with a refinance you have to spread that our over the length of the loan...I think.

 

 

All hell, I'll do a little research and get back to you.

 

 

Edit: It looks to me that in most cases my statement above is correct. There are some exceptions, i.e. full deduction for points if the refi was for a long-term loan refinancing a short-term balloon loan used to buy the home (whatever the hell that means).

 

I'm going to officially retire as a Huddle "Tax Guru" as I've been out of the game for too long.

Edited February 1, 2010 by Puddy

[jaxfactor]

Thanks! I think. I'm even more confused now. Hell, I was told Turbo Tax will walk me through it. We'll see.

 

You can officially retire now as Huddle Tax Guru.

[westvirginia]

Thanks! I think. I'm even more confused now. Hell, I was told Turbo Tax will walk me through it. We'll see.

 

You can officially retire now as Huddle Tax Guru.

 

Yeah, where is yoeder?

[Ursa Majoris]

Thanks! I think. I'm even more confused now. Hell, I was told Turbo Tax will walk me through it. We'll see.

 

You can officially retire now as Huddle Tax Guru.

Turbo Tax will indeed walk you through it. Deluxe edition necessary, I think.

Edited February 2, 2010 by Ursa Majoris