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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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home mortgage deduction
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jcfo
Level 1
06-08-2022
01:42 PM
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When refinancing your primary home, when the amount of cash received is different (lower) than the amount of the loan increase ( difference being closing costs, taxes, interest ect), which loan increase amount do you use to calculate the amount under 750,000. Thanks
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qbteachmt
Level 15
06-08-2022
02:47 PM
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If your taxpayer took out cash, then you also need to consider what the funds got used for. I would start here:
https://www.irs.gov/publications/p936
You might have a mixed mortgage to contend with. That Pub has tables for you to work through.
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