You do realize that the mortgage won't be a purchase mortgage?Interest deduction is limited to the first $100,000 of the mortgage, and not deductible under AMT?Peter, Will you please comment on the above? My understanding was tax law has changed. Previously if a home loan was not used for purchased one was limited to interest deduction on the first $100,000.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? I've recently assisted an attorney who bought his primary residence for cash, then within 60 days of closing did a "cash out" refinance for $417,000. He mentioned to me that all of the interest would be deductible. I believe he mentioned he had 6 months from time of purchase to close on financing. TIA.
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