If an interest only mortgage loans effect of my federal tax return?

Dear Sandy: Did you make more money last year? If you paid more interest with the same income and your with holding is the same your refund should be greater. If your refinance included points they are also deductible although on a refinance they must be amortized over the life of the loan. Try the free H&R Block calculator to verify your numbers.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more.
Errol Quinn Enrolled Agent Master Tax Advisor