Can you write off the interest on a 2nd mortgage loan?
I'm in Nevada, and I have a equity line loan on my house. Can I write the interest off on my taxes?
By
Futeach
Posted on
11/19/07 Total Answers
7
Answers-
sure can
Answer by :
Kev L On Date
2007-11-19 19:03:16
You can as long as it doesn't exceed the FMV of the home. If it does,you can deduct the amount up to the FMV. In other words it your 1st and 2nd mortgage total 400,000.00 but the home would only sell for 380,000.00 , you can only deduct the mortgage interest on 380,000.00
Answer by :
kt_b_blue On Date
2007-11-19 19:05:30
Yes, a federal tax payer can write off the interest paid on a second mortgage (See Part II, Schedule B) under $1,000,000 or, if a refinance (as most equity lines are), up to $100,000 beyond the purchase price of the residential property.
Answer by :
larry On Date
2007-11-19 19:05:40
Oh yeah
Answer by :
frankie b On Date
2007-11-19 19:08:06
yes, as long as its secured by your home, its deductible up to the allowable limit.
Answer by :
therainbowseeker On Date
2007-11-19 19:11:59
Yes, you can deduct it.
Answer by :
Kirsten C On Date
2007-11-19 19:13:48
Absolutely. You can write off 2 houses. Even if you had mortgages, and equity lines on both places, totaling 4 different loans, they are all tax deductible.
Answer by :
maplewoodjoe On Date
2007-11-19 19:15:27
