deductable ReFi charges?

[ripvanwinkle]

I refi'd my home last year. I'm doing my taxes. I'm confused as to what expenses are and not deductible. Here is my list of charges from my closing:

Admin fee - $390

Doc prep fee- $378

Origination fee - $695

Processing fee - $600

Underwriting fee - $395

Title - Lenders Policy - $468

Title - ORITO (?) - $100

Title E-recording fee - $10

Title - Escrow fee $ 295

Title - outside signing fee - $150

[TheOtherMe]

turbotax.intuit.com/tax-tips/home-ownership/mortgage-refinance-tax-deductions/L2fzA7hg5


Mortgage points paid

If you paid "points" when you refinanced your mortgage, you may be able to deduct them. Points are prepaid interest; you pay them upfront to get a lower interest rate during the period when you're repaying the loan. One point equals 1% of the loan amount, so if you paid 2 points on a $100,000 loan, for example, you would have paid $2,000. Points sometimes go by other names, including:



Loan origination fee

Maximum loan charge

Discount points

Loan discount

Points paid as part of a mortgage refinance usually must be deducted over the life of the loan. If you refinanced to a 15-year mortgage, for example, then you'd deduct a portion of the points each year for 15 years. This is different from points paid when you first bought the home; points on an original purchase can often be deducted in full in the year they're paid.



Settlement fees not deductible

You "settle" or "close" your mortgage refinancing when you sign all the paperwork to officially take out the new loan and pay off the old one. A number of fees and charges may be applied at settlement. These closing costs can add up to hundreds or thousands of dollars and may include such things as:



Appraisal fees

Attorney fees

Inspection costs

Legal and recording fees

These costs are generally not deductible in a mortgage refinance if they're for your residence.