Discussion:Some advice please, on interest deductions
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Discussion Forum Index --> Consumer Questions --> Some advice please, on interest deductions
Autocrat99 (talk|edits) said: | 16 January 2009 |
| First I have a primary mortgage, I also have an equity line on that mortgage. I then have a second house with a mortgage, and finally I have mortgage on investment land that produces zero income. which ones will I be able to deduct the interest paid from my tax return?
Thank's Stan | |
Death&Taxes (talk|edits) said: | 16 January 2009 |
| Assuming the equity line does not exceed $100,000 or the remaining fair market value of the residence, whichever lower, and assuming the sum of the mortgages plus equity line does not exceed $1,100,000, the three debts secured by the primary and second residence should be deductible [with the equity debt interest potentially an AMT item]. Investment interest is deductible up to the amount of all investment income.
Get thee to Publication 550 and Publication 936 | |
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