Refinance and taxes

Asked by Sheri66, 78628 Fri Feb 12, 2010

We refinanced home this year but only had to pay for appraisal, and we rolled the cost to re-establish escrow back into the loan. Can we claim anything for taxes? Thanks!

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Hannah Flieg…, Agent, Larkspur, CA
Sat Feb 13, 2010
Hi Sheri,

Depending on your filing status. For example if you file as a Real Estate Professional you can. You do not need to be a realtor or mortgage broker or have any license to qualify for a Real Estate Professional. I assume that you are speaking of your primary home, but if it is an investment property then you will want to speak with your tax professional. Good luck!
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Scott Godzyk, Agent, Manchester, NH
Fri Feb 12, 2010
You can only claim what you actaully paid, not what was adde dto your loan amounts.
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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Fri Feb 12, 2010
The only thing you can claim on taxes are any taxes that were picked up by the title company at closing that were paid on your behalf during 2009. Escrowed taxes are not deductible, only what was actually paid. The lender will send you a W-9 (?) which will tell you the amount of interest you paid them during the year, and what was paid out by them in taxes. Taxes paid at closing would not be included in that amount.
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