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#1
07-25-2003, 09:23 AM
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 Re: Home EquityLoan Deduction Question "Arthur L. Rubin" <ronnirubin[at]sprintmail.com> wrote: - quote - > It should be pointed out if you had amortized excess points
IF you didn't refinance through the same lender.> on the first mortgage, or amortized points on the first > equity loan, they are deductible in full when you pay off > the loan. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-25-2003, 02:27 AM
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| Re: Home EquityLoan Deduction Question <bob_a_buoy[at]buoy.net> wrote: - quote - > I took out a first mortgage for 140,000 in March 1988 (6%).
It sounds as if you have a refinance to the extent of the> I then took out an equity loan for $35,000 in September 2002 > (6.99%). I am now thinking of taking out a new equity loan > for $135,000 to pay off the first mortgage at 6% and the > equity loan at 6.99%. The equity loan is 4.49% no closing > and no points. Can I write the interest off on the full > $135,000 or is the $100,000 limit that I am reading from the > IRS? Any help would be appreciated. first mortgage you are paying off, and a home equity loan for the balance. 100,000 is the limit on the HE Loan and the loan total cannot exceed the value of the home. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-24-2003, 05:26 PM
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| Home EquityLoan Deduction Question I took out a first mortgage for 140,000 in March 1988 (6%). I then took out an equity loan for $35,000 in September 2002 (6.99%). I am now thinking of taking out a new equity loan for $135,000 to pay off the first mortgage at 6% and the equity loan at 6.99%. The equity loan is 4.49% no closing and no points. Can I write the interest off on the full $135,000 or is the $100,000 limit that I am reading from the IRS? Any help would be appreciated. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduction, equityloan, home, question |
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