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The mortgage company has told me that if I take a loan for 220k (paying off my current mortgage; the closing cost; and pocketing about 180k) -- interest on the whole 220k will be tax-deductible?

I thought I could only borrow 100k over what I already owed (i.e., a loan 138k and pocket 100k); and if I borrowed more, then I'd have to use it for a MAJOR home improvement(s) for it to qualify for tax deductions.

You're right, and the mortgage company should go back to "consult your tax advisor."

Phil Marti
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