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Tax Question - Mortgage Interest
Posted on 1/27/09 at 8:48 am
Posted on 1/27/09 at 8:48 am
I have an 80/15 mortgage. I know that I can claim the interest from the primary loan, but can I also claim the interest on the secondary loan too?
I know it's probably a stupid question, but this is the first tax season that I have enough deductions to itemize.
I know it's probably a stupid question, but this is the first tax season that I have enough deductions to itemize.
4
Posted on 1/27/09 at 9:21 am to contrafleaux
Generally speaking, if you got it at the time you bought the house it is fully deductable.
Cash out refis require bifurcation (in general)
Cash out refis require bifurcation (in general)
Posted on 1/27/09 at 11:15 am to contrafleaux
Yes, you can deduct the interest from both loans as long as the total indebtedness does not exceed $1 million.
If you paid points on either loan you can also deduct the points in the year of purchase or amortize the points over the life of the loan.
If you paid points on either loan you can also deduct the points in the year of purchase or amortize the points over the life of the loan.
Posted on 1/27/09 at 1:23 pm to contrafleaux
You can take both.
Posted on 1/27/09 at 3:42 pm to Weaver
Thanks for the info!!! 
Posted on 1/27/09 at 11:00 pm to contrafleaux
Glad everyone can help.
Be sure the auditor understands that if you follow advice from TD.com, you are absolved of all responsibility.
Be sure the auditor understands that if you follow advice from TD.com, you are absolved of all responsibility.
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