The largest tax deduction most people can claim on any type of mortgage is on the interest paid on the loan.
In most cases, mortgage refinance interest is tax-deductible, which means you can take it off your taxable income for that tax year.
But there are rules that apply.
Rules for Making Tax Deductions on Mortgage Interest
First of all, the loan must be on either your primary residence or a secondary residence. If you are taking the deduction on a second residence, this can’t be a rental property.… Read the rest