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Could a Mortgage Refinance Reduce Tax Deductions?


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One hidden cost of refinancing your home is losing some or all of your tax deductions. Most people realize there is the cost to obtaining a new loan. Mortgage brokers charge origination fees, appraisal fees, title fees and other fees. Deciding to refinance should take the amount of these fees into consideration. A hidden cost of a new mortgage is the affect the refinance has on your tax deductions. Interest DeductionThe IRS allows homeowners to deduct the cost of interest paid on their primary mortgage from their taxes each year. Homeowners must file a schedule A along with their 1040 returns, itemizing all of their deductions for the year. One of these itemized deductions is the mortgage
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