2006-09-16 19:25:51 · 7 answers · asked by Sam 1 in Business & Finance ➔ Taxes ➔ United States
As a tax professional, my advice is that second mortgages are indeed tax deductible (to the extent a first mortgage is) assuming you can itemize, and as long as that mortgage is on your primary or second home. If you've got a second mortgage on your thrid home, you're out of luck. Need more details? Feel free to contact me.
2006-09-17 10:07:03 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 0⤋
If the loan is secured by you home it is deductible if you itemize. A mortgage secured by a second home or an RV will also qualify. The position, such as 1st or 2nd, does not matter.
2006-09-17 10:07:16 · answer #2 · answered by ? 6 · 0⤊ 0⤋
yes, if you itemize.. that's why a lot of people pay off debts and cars that are not deductable with second mortgages.
2006-09-17 06:41:40 · answer #3 · answered by tampico 6 · 0⤊ 0⤋
yes.. unless your contract states otherwise becasue of the tuype of mortage is was.. then all your interest payments would be considered.. check with a tax professional to be sure if your qualifies... also.. you can only claim the interest if you itemize and your itemmized eductions exceed your standard deductions.. (just in case you were new to it.. if you already knew that the ignore.)...
2006-09-17 02:29:47 · answer #4 · answered by limgrn_maria 4 · 0⤊ 0⤋
All mortgage interest is tax ded regardless of 1st, 2nd, 3rd, etc.
2006-09-17 07:28:37 · answer #5 · answered by Guinevere 2 · 0⤊ 0⤋
If you itemize, and as long as the proceeds aren't used to purchase tax-exempt investments.
2006-09-17 13:28:40 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
they should not be but they are - not sure why - talk to a tax guy.
2006-09-17 02:34:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋