How Much of Your New Mortgage Is Deductible?
Let's say you bought a home in 2003 for $300,000. The mortgage on this home origianlly was $275,000. In early 2007, when your mortgage was down to $270,000, you refinance and take out cash in the amount of $150,000. Your new mortgage is now $420,000. Is all of the interest expense associated with... Sign in to see full entry.