Let’s find a tax preparation office for you

or

Information regarding browser or device support

Oh no! We may not fully support the browser or device software you are using!

To experience our site in the best way possible, please update your browser or device software, or move over to another browser.

Close
Real Estate

Tax Implications of Refinancing a Mortgage

Refinancing is the process of replacing your current mortgage with a new loan. 

You may want to refinance to secure a lower interest rate, change the type of loan, or to tap into the equity in your home to fund education, a major purchase, or to reduce debt.

Refinancing and Your Taxes

Refinancing a mortgage can save you a significant amount of money each month if you get a lower interest rate or longer term or just change the borrowing in some way to access your equity.  However, you can also save some money on your taxes by deducting some of the costs you incur during the refinance.

Tip/Help

Not all interest is necessarily deductible, nor points or origination fees, or even property taxes.

Tax deductions can include mortgage interest, points or money paid to set up the loan, and property taxes paid at closing. But not all interest, points or origination fees, or even property taxes are deductible. Be sure you get all you deserve and talk with a trained and experienced tax professional to maximize all of your tax deductions if you have refinanced a mortgage.

 

Related articles

Do You Own a Rental Property?

Do You Own a Rental Property?

Owning a rental property has many tax implications. Here’s what qualifies as rental income, along with a list of deductions you can take.

View MoreView more
Tax Deductions and Benefits of Buying a New House

Tax Deductions and Benefits of Buying a New House

Buying a home can offer some major tax benefits – see how you can take advantage of them as a new homeowner.

View MoreView more
Did You Sell Your Home?

Did You Sell Your Home?

If you sold or are considering selling your home, there are a few things you’ll need to know about how the sale affects your tax return.

View MoreView more

Why Jackson Hewitt®?

We see you

Our Tax Pros will connect with you one-on-one, answer all your questions, and always go the extra mile to support you.

We got you

We have flexible hours, locations, and filing options that cater to every hardworking tax filer.

We fight for you

We won't stop until you get every dollar you deserve, guaranteed. It's what we've been doing for over 35 years.