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Subject:  Re: Rental Condo Tax Issues Date:  4/24/2003  10:08 PM
Author:  geocarw Number:  65160 of 129985


I don't know your AMT situation, but interest on home equity loans is added back for AMT.
"Interest on a mortgge taken out after June 30, 1982 is not deductible for AMT purposes if the proceds are used for an purpose other than to buy ,build or substantially improve your principal or second residence." JK Lasser's Your Income Tax 2003

I don't know either but, I hope not. Would AMT be involved with interest paid on HELOC money to acquire rental RE? I can see AMT involved with other, personal use, HELOC draws.

Thanks, George
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