Because of foreclosures around our investment property, the appraisal put us upside-down by 20K. We'll have to make up the difference with a HELOC from our primary residence. Will we still be able to deduct the interest we'll be paying even though the HELOC is tied to our primary residence? If it is a big loss situation ($400 a month) what kind of deductions can we expect? Any tax credits?
2007-12-07
01:25:47
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4 answers
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asked by
Anonymous
in
Business & Finance
➔ Taxes
➔ United States
Everyone has given me great information. THANK YOU. You were all helpful. The amt we'll be paying with our HELOC is $28K. We also plan to do improvements to our primary res, so somehow, having to now pay for them with cash, maybe we can avoid the interest from HELOC being added as income to the AMT since we'll have the receipts to prove we've made improvements - ? Let's hope. Again THANK YOU ALL.
2007-12-08
01:19:43 ·
update #1