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So if I were to refinance my refinance, none of the interest would be deductible for AMT purposes?

I should know better than to be sloppy with our resident lawyer! ;-)

You can refi as often as you like without incurring the wrath of AMT. It's only when the debt goes up on a refi that you start having AMT adjustments. My summary was not as precise as it should have been.

Before you ask - I believe that you could refi a first and second mortgage into a new first mortgage and still not have a problem as long as the total indebtedness doesn't increase. And if it does increase, it's only the interest on the increase that is not allowable for AMT purposes.

Hope I've helped more than confused this time!

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