<<Is mortgage interest deductible on a second home...>><You may deduct mortgage interest on up to two properties, so yes, you can deduct the interest on a second home that is not your primary residence.>True, but I think there are limits. Interest is deductible if *any* of the following apply:1) All mortages were taken out before 10/13/87.2) All mortages to buy, build, or improve your home(s) totaled not more than $1,000,000 throughout 1997.3) Mortgages (home equity loans) not used to buy, build, or improve your home(s) taken out after 10/13/87 that have balances (combined) of not more than $100,000 throughout 1997 and were not more than the fair market value of the home(s).If you fall outside these categories then I think it gets sticky. At that point, feel free to ask Roy or KAT for help. (Yep, I know how to dodge the tough ones)
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra