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monicac
Level 5
July 8, 2020
Solved

Cash out refinance

  • July 8, 2020
  • 6 replies
  • 57 views

A client has refinanced their home and the refi paid off credit cards and a personal loan, approximately $35,000. Is there a worksheet in ProSeries basic or somewhere else to figure out the interest that can not be written off?

This topic has been closed for replies.
Best answer by BobKamman

An amortization program would be useless but the worksheet on Page 12 of IRS Pub 936 might help.  There are a lot of instructions that go with it.  

6 replies

dkh
dkh
Level 15
July 8, 2020

There isn't one within PS Professional so doubt Basic has anything.  You'll need to find an amortization program.      

BobKamman
BobKammanAnswer
Level 15
July 8, 2020

An amortization program would be useless but the worksheet on Page 12 of IRS Pub 936 might help.  There are a lot of instructions that go with it.  

    monicacAuthor
    Level 5
    July 8, 2020

    I had already looked at that an unfortunately it is only for loan limit. It does not say anything about if  part of the loan was used for personal  payments. But thanks anyway!

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