2007-11-25 05:08:24 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It can be deductable if you get a second mortgage on your home but not just through some other line of credit.
2007-11-25 05:14:28 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Not if it's a personal loan. If you built it using a home equity line of credit, interest probably would be deductible.
2007-11-25 07:23:23 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No. Personal loans for any reason are not tax deductable. It must be in the form of a Home equity loan (HELOC), or a refinance on a mortgage only, period.
2007-11-25 05:14:47 · answer #3 · answered by Nifty Bill 7 · 1⤊ 1⤋
Tina,
the 'interest' decution applies only to ur home mortgage.
build the garage with cash and u will not over pay for it.
interest is the newest slavery.
say the garage costs 3000$ u'll pay an extra 1000$ in interest, it that al that?
garages do not have a great Return On Investment ROI
2007-11-25 05:17:06 · answer #4 · answered by Anonymous · 1⤊ 1⤋