At All Service Long Island, New York Mortgage, we are knowledgeable of the laws governing taxes that are related to mortgages. Many home owners in Long Island, New York find the tax issues related to the home loan refinance process confusing, but your Long Island, New York mortgage broker will guide you through the process. To explain briefly, the Internal Revenue Service (IRS) has ruled that interest paid for refinancing must be deducted over the life of the loan. However, if the home loan is being used to make improvements to your house in Long Island, New York, the borrowers may be permitted to deduct a portion of the interest right away. The exact tax laws concerning refinancing are complex and the details should be discussed with your Long Island, New York mortgage broker at All Service Long Island, New York Mortgage.com. The IRS website, www.irs.gov, may also be helpful when gathering general information on the subject of taxes and refinancing.