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Melodi, Real Estate Pro in Saint Elmo Improvement...

I refinanced my house. Do I get to deduct the closing costs?

Asked by Melodi, Saint Elmo Improvement League, Chattanooga, TN Mon Feb 15, 2010

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Please visit my blog it should answer your question, I own an accounting firm Service Business Solutions PLLC also.

http://www.trulia.com/blog/premier_mortgage_store/
1 vote Thank Flag Link Mon Feb 15, 2010
Since I am not a CPA, I can't give you the answer. I can say that the IRS does NOT treat the closing costs for refinancing the same way the IRS treats closing costs for a purchase a home. You can find the info on the IRS web site.
0 votes Thank Flag Link Mon Feb 15, 2010
Sorry, no.

If you paid points, you can amortize the deduction over the life of the loan if it is owner occupied or a 2nd home.

i.e. $3000 paid in points divided by 30 years equals $100 deduction per year as interest.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Mon Feb 15, 2010
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