How can I deduct interest on a second mortgage?

Question

2043 viewsNovember 2, 2017Personal Tax

0

Anonymous Posted November 2, 2017

HOW CAN I DEDUCT AN INTEREST ONLY SECOND MORTGAGE. I BORROWED 50000 TO PAY OFF DEBTS WHICH INCLUDED A LINE OFF CREDIT?

1 Answer

score 0 · Answer 1 · 2017-11-02T16:03:53+00:00

You can deduct the interest paid on a second mortgage if the proceeds from the second mortgage were invested in an income producing investment / business. Otherwise, the interest paid is non deductible.

How can I deduct interest on a second mortgage?

1 Answer

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