Consumption and Real Estate
If an interest only mortgage loans effect of my federal tax return?
I refinanced in 2008 to an interest only mortgage. I paid a lot more interest this year, but I’m always much less money back on my taxes.
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about 3 months ago
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
about 3 months ago
It will not affect your taxes. You will pay slightly more interest (assuming the APR is the same as your previous lone) because you will not be paying down the principle. If you APR is less with the refinance, then you will be paying less interest. Something else is causing your return to be less. Check you work carefully. If the amount is significant, you would consult with a tax adviser, like H&R Block.
about 3 months ago
No – you still get to deduct the mortgage interest and points (if any) if you itemize.