No. of Recommendations: 1
Peter, Will you please comment on the above?

Shoot. I was trying to stay out of that one. I didn't know the answer off the top of my head and I'd have to do some reading to find the answer. Which I have now done.

I've now heard that if a loan is placed on a home purchase within a certain time frame of that purchase, then the $100k loan / mortgage interest deduction has been increased?

Others have already commented, and I agree with them.

It's not that the $100k home equity indebtedness limit was increased. It hasn't. Instead, you have a window of time to acquire both a loan and the home. Debt may be treated as incurred to acquire the residence to the extent of expenditures to acquire the residence made within 90 days before or after the date that the debt is incurred.

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.