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3. **Loan Usage:** The loan must be used to acquire, construct, or substantially improve the home.
<h2>Key Takeaways</h2>



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* Determine your eligibility for the deduction.
2. **Identify Acquisition Debt:** Review your loan documents to determine the amount of acquisition debt you have.
If you refinance your mortgage, the deductibility of the interest may change depending on the new loan terms, the amount refinanced, and the timing of the refinancing. Consider seeking professional advice to assess the impact on your taxes.
### Key Factors to Consider
To gain clarity on your own situation, here are some steps to consider:

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