Quick question: Is the interest paid on a 2nd mortgage, used for debt consolidation purposes, deductible the same as interest on the first mortgage? Or since the new loan is not to pay for your primary residence, is it just like any other credit card interest expense?The interest on up to $100k of home equity debt is usually deductible as an itemized deduction. So interest on a 2nd to refi you credit cards is likely to be dedcutible, but there are some restrictions that make it different from the mortgage used to purchase the property.--Peter
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