Tax Guy: Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040. Here’s what you need to know.

Home acquisition debt

You can deduct or amortize points paid to refinance a mortgage that qualifies as home acquisition debt.

However, for 2018-2025, the Tax Cuts and Jobs Act (TCJA) reduced the limit on home acquisition debt to $750,000 or $375,000 if you use married filing separate status. Thankfully, this reduced limit only applies if you refinanced a loan that was taken out after 12/15/17. If you refinance a loan that was taken out on or before that date or one that was subject to a binding contract on or before that date, the new loan is grandfathered.

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