tax question - Posted by Mike

Posted by Peter_MD on July 14, 2002 at 12:09:49:

Mike:

The simple answer is, if you are obligated to make the payments, you can deduct the interest paid (included in the mortgage payments) from you tax return.

Since you don’t live in the house, you can decide to either take the expenses (including the interest) as a deduction on your Form 1040 Schedule E (especially if you cannot itemize deductions). If you can itemize, you can deduct the interest on your Form 1040 Schedule A. Of course the answer depends on how the house is held, I’m assuming you bought it to live in, but answer could differ if you bought it as an investment.

Suggest you consult a qualified local tax advisor (either an attorney or CPA). Use this time to recruit your “team” of attorney and CPA.

Just my comments on the matter…

tax question - Posted by Mike

Posted by Mike on July 10, 2002 at 12:40:32:

Hi, I just picked up a forclosure and financed it with a “second home/vacation home” 5% down loan.

We plan on moving into this house in about 6 months. My question is: Am I able to write off the interest in the mean time?

Thanks for any info.
You guys are great!

Mike