Discussion:Refi on Heloc are are any Cost on HUD deductable
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Discussion Forum Index --> Tax Questions --> Refi on Heloc are are any Cost on HUD deductable
| 15 April 2007 | |
| We put a HELOC on our primary residence In 2006 and then refinanced
the mortgage before the years end, Are any costs on the HUD deductable and if so how? Do I have to amortize or can I deduct the total paid as the HELOC was paid off. The funds from the refi were not used for Home improvementor on my primary, but instead used partially for purchasing investment property
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| 15 April 2007 | |
| if you are asking about points of the subsequent refi, they must be amortized over the life of the loan...if you are asking about points of the HELOC, any unamortized amounts are deductible when its paid off.
You are subject to the rules under Sec. 163(h)(3) on deducting this interest as qualifeid residence interest. | |
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