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Cash out refinance

Level 3

A client has refinanced their home and the refi paid off credit cards and a personal loan, approximately $35,000. Is there a worksheet in ProSeries basic or somewhere else to figure out the interest that can not be written off?

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Level 12

An amortization program would be useless but the worksheet on Page 12 of IRS Pub 936 might help.  There are a lot of instructions that go with it.  

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6 Replies 6
Level 10

There isn't one within PS Professional so doubt Basic has anything.  You'll need to find an amortization program.      

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Level 12

An amortization program would be useless but the worksheet on Page 12 of IRS Pub 936 might help.  There are a lot of instructions that go with it.  

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Level 3

I had already looked at that an unfortunately it is only for loan limit. It does not say anything about if  part of the loan was used for personal  payments. But thanks anyway!

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Level 12

@monicac 

Look at it again.  When it says "Worksheet To Figure Your Qualified Loan Limit and Deductible Home Mortgage Interest For the Current Year" -- isn't that what you're trying to do, figure the deductible home mortgage interest?    Page 13 discusses "mixed use mortgage."  That's what you have.  

Level 3

Thanks!

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Level 3

I don't know how an amortization program would help me. Have you used one for this reason?

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