if you have 2 interest only mortgage loans, can you do tax deductions on the both?
Ekaterina K asked:
I am talking about the case when you got 80/20% mortgage loans with 0% downpayment. I know that the 80% one is fully deductable, but not sure if I can deduct taxes for the second one
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I am talking about the case when you got 80/20% mortgage loans with 0% downpayment. I know that the 80% one is fully deductable, but not sure if I can deduct taxes for the second one
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Tags: Downpayment, Tax Deductions, Taxes
August 17th, 2008 at 11:12 pm
Why couldn’t you?
August 23rd, 2008 at 12:24 pm
I’ve gotta better one.
What will you do when your rate goes up and you have no equity and you can’t sell?
I’d refinance on a 30 year fixed. If you can’t afford it then you can’t afford the house.
August 26th, 2008 at 7:14 am
call H&R Block and ask to be sure
August 28th, 2008 at 1:29 am
Yes -if both liens are on your primary residence mortgage.
August 28th, 2008 at 2:29 am
Call H&R block at your own peril, they’re morons. Do a little research in your area and find a reputable tax consultant. Talk to folks who have lived in the area for a while (years), espicially those who are semi well off. They will know who can get all they can LEGALLY out of the tax code.
Also as CP said, get outa that intrest only nonsense and into a 30 yr fixed.
August 31st, 2008 at 8:55 am
As long as both loans were obtained to purchase the residence and the total of both loans does not exceed $1,000,000 you will be able to deduct all of the interest that you are paying.
If the total debt is for more than the $1,000,000 any interest paid on the excess amount is not deductible.
If one loan was obtained to buy furniture and the like then the interest paid on the first $100,000 of such debt would be deductible.