Refinancing your Malibu Home? Beware of the Tax Rules!

by ritasimpson on March 12, 2012

in Home Owner Reference Guide

Homeowners generally are entitled to interest deductions on whatever amount was left on the original mortgage, but those¬†who decide to borrow more than they owe on their existing mortgage in many cases can’t.

The IRS has been looking closely at people with expensive homes, scrutinizing mortgage-interest deductions taken for some homes valued at $1 million or more. David A. Lifson, a certified public accountant at Crowe Horwath LLP in New York, says some clients last year were caught up in “mini-audits,” and he predicts more of the same for 2012.

Before you refinance your Malibu home learn more and consult with your CPA.

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Post by Rita Simpson

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