Can you apply all of your mortgage interest as a tax deduction if you refinanced more than the original loan?
828311
Yes, this little know portion of the tax law only kicks in under AMT.
432095
Are you asking if you can deduct interest that is not your legal responsibility?  If the mortgage is not in your name, you can't.\n\nIf you are asking if you can live in an rented apartment and deduct second home interest, you can - so long as you own the mortgage.\n\nMike's answer for the other scenario is good.
143819
If you itemize your deductions, then your state taxes are deductible from your federal taxes.  Other common large deductions include real estate or property tax, interest on home mortgages, and (if you don't make too much money) the interest on student loans.
982144
You deduct mortgage on your primary home on schedule A.  Your rental property mortgage is deducted from the income you made on the rental property on schedule E.  There are too many variables (children, other income, other credits, other deductions) to tell you exactly how much the write-offs will save you.  You can get a GENERAL idea by dividing your adjusted gross income (line 37 on 1040) by your total tax (line 63) this is your actual tax rate.   Multiply that number by your write-offs and this is APPROXIMATELY what you will save.
489057
get the lowest fixed rate mortgage you can get and invest the money borrowed in something secure like a money market.  Let's say you borrow at 5.75% and invest at 4.5% - the interest paid on the mortgage is tax deductible - for a person in the 28% marginal bracket the effective rate is 4.14%.  As interest rates rise, your mortgage payment stays level but your income from the investment rises.
256090
No.  The company that holds your mortgage should have supplied you with a statement of how much mortgage interest you paid over the previous year.  You can only claim that amount.
120653
Generally speaking, the only item deductable as part of the purchase of your own, personal, residence, are the points paid to the lender in connection with securing a loan.  You may deduct these points whether you paid them, or even the SELLER paid them (or a third party) on your behalf.  The logic here is that the IRS views points as "pre-paid" interest.\n\nThese points are deducted in the year of the purchase.  On a refinance however, the points on your new loan, must be deducted over the life of the loan.  If you get a 30 year laon, you can only deduct 1/30 of the points you paid per year.  If you refi agian - any remaining amount of points you have not deducted yet (from the old loan) - are now deducted in the year of the refi.  Your tax advisor can give you more details.
147943
Too many people confuse the tax deductability of mortgage interest with being a huge benefit that one should keep.\n\nYou are always, always, **always** better off not to pay the interest in the first place, whether it is tax deductable or not.\n\nMany people also ignore the fact that if you don't itemize, you still get the standard deduction even if you don't have a mortgage. This new standardized deduction will replace your itemized deduction making the loss of the deduction that much less noticable.\n\nSo do it, and congratulations!
742345
If you're planning to sell it in the next few months, no, since the costs to refinance would probably more than eat up any savings.  If you're planning to sell in a year, maybe.  Longer out than that, probably yes.
1160579
You should consolidate, since rates will be going up to 7% or higher.  The interest is deductible, but you're still paying more with higher interest rates.  Say you're in the 25% tax bracket, and have $10,000 in loans.  At 5%, you pay $500 in interest. The tax deduction on the interest comes out to $125, so you've paid $375.  At 7%, you pay $700 in interest, the tax deduction is $175, you've paid $525.  The worse the interest rate gets, the more (net) you'll have to pay.
55272
To the extent that your losses exceed your gains, you can apply up to $3,000 against earned income. This has the effect of reducing your AGI, which does in turn reduce your tax liability. If you didn't owe any taxes prior to the capital loss being taken into consideration, then yes, including the loss would increase your refund, but not dollar-for-dollar. If you have losses in excess of the $3,000 allowed, you can carry the excess over to next year's taxes.
865200
Yes, you should be able to refi the 2nd with no problem, assuming all the other credit issues are clear.  A neutral site I like with a lot of information on refinancing is at http://www.refinance-and-loans.com/ and they have a section in their topics on refinancing second mortgages.
903095
Andreas is correct.  Matt K is confused.  Below the line means after AGI (adjusted gross income).  Some deductions are limited based on AGI.  Deductions not limited by AGI do reduce taxable income dollar for dollar.  Mortgage interest is not reduced based on AGI.  The only limit that may apply is a limit on overall itemized deductions if your AGI is greater than $150,500.  There is a limit on deductions if your mortgage is greater than $1,000,000 or more than $100,000 was used for purposes other than to buy, build, or improve your home.  If this applied, your interest would probably be more than $7600.
16707
Yes, go here and use one of the calculators offered...\n\nhttp://mortgages.interest.com/content/calculators/index.asp
613811
Depends.  \n\nFor individuals\nLate mortgage payment fees, yes, as interest  in year paid.\n\nPrepayment of next year's payments - only January's, which is actually accrued by December's month end, and only in year paid..  You should pay in time to have it included on 1098 issued by mtg.holder to avoid questions.\n\nYou can deduct penalty prepayment fees as interest the year paid.  These fees should also show as interest on a 1098 form issued at year end.
580779
YES.\nI owned a home with my ex and I had to refinance and he had to sign a "Quit Claim Deed" which basically allowed me to re-finance without him.  If you do not refinance, then your current lender still thinks you both owe them regardless of your marital status.
627350
A demand clause allows the lender to demand repayment for any reason.  In theory, if rates increase then your lender can call your loan due and then you will have to refinance into a higher rate loan.  I would question my lender about having the demand feature