Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: mikesprague One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121100  
Subject: Re: mortgage interest deduction Date: 9/25/2000 8:11 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Disclaimer: tax professional and instuctor, but don't take what I say as absolute gospel.

Publication 17 has a nice discussion about this, with a reference to Pub. 936 for even more info.

Generally, mortgage interest is deductible except in the following situations:

1) Your home acquisition debt (incurred to buy, build or improve the home) is more than $1 million, or $500,000 married filing separately; or,

2) Your home equity debt (incurred for purposes other than to buy, build or improve) is more than $100,000 or $50,000 married filing separately.

If you do meet one of those situations, Pub 936 has the information on how to compute how much you can deduct.

Hope this answers the question.

Mike
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement