|
I know that there are avenues for deducting mortgage interest against US Federal income tax, but what about interest paid on a second mortgage? For comparison, I receive a 1098 form from the lender showing my mortgage interest paid for the year. Under IRS rules I can deduct this. Under what circumstances, if any, would I be able to deduct interest from a second mortgage? (I don't have a second mortgage. I saw a Twitter discussion of the "which debt to pay off first" variety and a second mortgage was one of the debts.) |
|
The answer depends on a number of factors, starting with whether the second mortgage was used to purchase or improve the home (home acquisition debt) vs. home equity debt. Can you clarify? I updated the question. Thanks for responding!
(Nov 10 '09 at 06:03)
mbhunter ♦♦
|
