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Author: wrjohnston91283 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122534  
Subject: Mortgage interest deduction Date: 4/10/2013 6:21 AM
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Hello All:
My wife and I area borrowing money from my parents. We've had an attorney draw up a loan documented, which includes the following clause:

As security to ensure prompt payment of this Note, Maker shall grant a second priority security interest encumbering the real property known as [address name].

Does this make the interest deductible? There will be no documents filed with the registry of deeds / land court, so does it not meet this requirement:"•Is recorded or is otherwise perfected under any state or local law that applies."

Thanks!
William
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