I recently purchased a home through a Bank Loan. Will the interest paid on the loan this year be tax deductible?
2006-07-06 14:35:17 · 6 answers · asked by sukcorb 2 in Business & Finance ➔ Taxes ➔ United States
It's tax deductible. You have to itemize in order to take the deduction. If your standard deduction for your situation is larger than the total of your itemized deductions, then you would not be ahead to itemize.
2006-07-07 17:05:41 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Yes, it is tax deductable if you live in the US and the mortgage is at a US financial institution. In Canada it is only tax deductable if it is on a rental property.
2006-07-06 14:52:12 · answer #2 · answered by Donald D 1 · 0⤊ 0⤋
YES IT'S TAX DEDUCTIBLE
2006-07-06 14:43:24 · answer #3 · answered by ? 5 · 0⤊ 0⤋
yes
2006-07-06 16:28:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes
2006-07-06 15:15:15 · answer #5 · answered by Wes W 1 · 0⤊ 0⤋
absolutely
2006-07-06 14:58:58 · answer #6 · answered by earlyout 3 · 0⤊ 0⤋