interest on a 2nd mortgage? (for a primary residence)
2007-01-18 07:30:21 · 5 answers · asked by l2brennan 2 in Business & Finance ➔ Personal Finance
You can as long as it doesn't exceed the FMV of the home. If it does,you can deduct the amount up to the FMV. In other words it your 1st and 2nd mortgage total 400,000.00 but the home would only sell for 380,000.00 , you can only deduct the mortgage interest on 380,000.00
2007-01-18 07:37:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Taxes on mortgages are listed on the Schedule A with a 1040 form along with other deductions...unless the amount of your standard deduction is more than that calculated for a Schedule A. It is good to collect other deduction items, too, such as medical receipts, charity contribution receipts (usually checks), etc... See the second source below for information on the home mortgage interest deduction:
2007-01-18 07:46:04 · answer #2 · answered by sheila_0123 5 · 0⤊ 0⤋
Yes, you should receive a Form 1098 from the lender and you can claim the interest paid for the calendar year.
2007-01-18 07:34:13 · answer #3 · answered by jings51 2 · 0⤊ 0⤋
Yes
2007-01-18 07:33:54 · answer #4 · answered by jim 6 · 0⤊ 1⤋
Of course you can as long as your tax advisor agrees and you can document it.
2007-01-18 07:33:31 · answer #5 · answered by ? 3 · 0⤊ 0⤋