All Topics / Help Needed! / Tax and Refinance

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  • Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerwaugh
    Join Date: 2007
    Post Count: 192
    July 4, 2010 - 11:33 am

    Quick question…

    I refinaced my 3 IP's earlier this year and switched from 1 lender to another. In changing lender I was up for mortgage insurance again, and was just wondering whether this is tax deductible seeing that I have already claimed this is previous years. My understanding is that it is deductible as I am refinancing to better my investment potential. Any thoughts would be appreciated. Cheers

    Tugger

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619
    July 4, 2010 - 11:45 pm

    Yes, it would be deductible. But as a borrowing cost, it would be deductible over five years. It would not be 100% deductible in the year of re-finance.

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