Is the interest on an interest-only mortgage tax deductible?

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Is the interest on an interest-only mortgage tax deductible?

2007-01-17 11:03:07 · 5 answers · asked by marky p 1 in Business & Finance ➔ Taxes ➔ United States

5 answers

Yes, same as other mortgage interest (subject to the same limitations). You should get a form 1098 from the mortgage company or person you pay the interest to.

2007-01-17 11:12:08 · answer #1 · answered by Nusha 5 · 4⤊ 0⤋

Absolutely

2007-01-17 19:15:15 · answer #2 · answered by Akbar B 6 · 0⤊ 0⤋

What kind of idiot would get an interest only mortgage?

2007-01-17 20:25:44 · answer #3 · answered by squeaky 3 · 0⤊ 0⤋

All of your payments are 100% deductible.

2007-01-17 21:27:13 · answer #4 · answered by WealthBuilder 4 · 1⤊ 0⤋

Yes but you could still be subject to amt (alternative minimum tax.)

2007-01-17 19:07:50 · answer #5 · answered by trade00 1 · 0⤊ 0⤋