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- How do I account for home equity funds that were not used to build, buy or improve the main home when the loan is refinanced the next year?
How do I account for home equity funds that were not used to build, buy or improve the main home when the loan is refinanced the next year?
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SeA3106
Level 2
04-08-2021
06:15 PM
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My client refinanced in 2019 and used $100K to payoff credit card debt. When rates dropped in 2020, he refinanced the entire loan and I'm not sure how to account for the $100K in the software since it was refinanced into a new home loan.
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1 Comment 1
sjrcpa
Level 15
04-08-2021
07:31 PM
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100K/total loan times total interest = nondeductible interest.
You can use the excess mortgage computation section in Lacerte and it will do the calculation.
The more I know, the more I don't know.
