However, you cannot normally deduct the whole fee at once. Inste

However, you cannot normally deduct the whole fee at once. Instead, you must spread your deduction over the expected useful life of the property in a process called "amortization.". Total up your fees for closing costs and related expenses to secure the new mortgage.

 

When you refinance your mortgage, the interest on your new loan will be tax-deductible in the same way as the interest on your own loan. To maximize your deductions, take a careful look at your settlement statement.