2007-02-01 08:42:47 · 5 answers · asked by rachel 1 in Business & Finance ➔ Taxes ➔ United States
Yes. If the mortgage and equity loan was on your principal residence, then it is deductible on Schedule A. If the mortgage and equity loan was on a rental property you own, then it is deductible on Schedule E.
2007-02-01 08:47:32 · answer #1 · answered by jseah114 6 · 1⤊ 0⤋
If it is for your primary residence or a second home up to some high limit, it is deductible. You should receive a 1098 that will tell you how much you can deduct.
You also can deduct the interest and other expenses if you rent the house out. However it is deducted from your rental income on a different form.
2007-02-01 16:46:20 · answer #2 · answered by VATreasures 6 · 1⤊ 1⤋
Yes: Don't forget in the new year use a remortgage or home equity to pay off the credit cards, this way you save interest and next year you can deduct the interest from your taxable income.
2007-02-01 16:52:42 · answer #3 · answered by whatevit 5 · 0⤊ 1⤋
Only if you ITEMIZE your deductions (that is do not take the STANDARD DEDUCTION)
2007-02-01 17:52:04 · answer #4 · answered by NHMike 3 · 0⤊ 0⤋
yes. in most cases. not if it's a rental property that you didn't live in. check with your tax accountant or tax software.
2007-02-01 16:45:57 · answer #5 · answered by Anonymous · 0⤊ 1⤋