What are the tax implications of refinancing my mortgage?
An example of an AI chatbot conversation about refinancing mortgage taxes.
What are the tax implications of refinancing my mortgage?
When you refinance your mortgage, the interest you pay may still be tax-deductible, but it depends on your situation.
Are there any specific deductions I should be aware of?
Yes, you can typically deduct mortgage interest, but you should also consider points paid during refinancing.
What about closing costs? Can I deduct those?
Closing costs are generally not deductible, but some fees may be added to your mortgage basis for future deductions.
Should I consult a tax professional before refinancing?
Absolutely! A tax professional can provide personalized advice based on your financial situation.
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