Can I use interest from Cash Out Refinance on tax deduction?
admin, November 14th, 2011 Leo L asked:
I have mortgage amount in $50,000, and credit card debt in $30,000. I am planning to do cash out refinance and put mortgage & C/C debt together ($80,000). I am just wandering how I can use interest amount on tax deduction. Do I need to track dawn interest amount on $50,000(from original mortgage on home ) or I can not use any interest amount on Cash Out Refinance.
Before I make final decision, I would appreciate your advice.
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I have mortgage amount in $50,000, and credit card debt in $30,000. I am planning to do cash out refinance and put mortgage & C/C debt together ($80,000). I am just wandering how I can use interest amount on tax deduction. Do I need to track dawn interest amount on $50,000(from original mortgage on home ) or I can not use any interest amount on Cash Out Refinance.
Before I make final decision, I would appreciate your advice.
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