Comments on: If an interest only mortgage loans effect of my federal tax return? http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/ Consumption and Real Estate Thu, 25 Aug 2011 02:02:34 +0000 hourly 1 http://wordpress.org/?v=3.3 By: hrblockerrolquinn http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/#comment-57951 hrblockerrolquinn Sun, 23 May 2010 20:04:09 +0000 http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/#comment-57951 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 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

]]> By: JWilly http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/#comment-57950 JWilly Sun, 23 May 2010 19:17:33 +0000 http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/#comment-57950 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. 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.

]]> By: src50 http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/#comment-57949 src50 Sun, 23 May 2010 18:30:01 +0000 http://www.raestate.com/2010/05/23/if-an-interest-only-mortgage-loans-effect-of-my-federal-tax-return/#comment-57949 No - you still get to deduct the mortgage interest and points (if any) if you itemize. No – you still get to deduct the mortgage interest and points (if any) if you itemize.

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