Comments on: if you have 2 interest only mortgage loans, can you do tax deductions on the both?

By: waggy_33

waggy_33 — Thu, 21 Aug 2008 09:35:10 +0000

As long as both loans were obtained to purchase the residence and the total of both loans does not exceed $1,000,000 you will be able to deduct all of the interest that you are paying.
If the total debt is for more than the $1,000,000 any interest paid on the excess amount is not deductible.
If one loan was obtained to buy furniture and the like then the interest paid on the first $100,000 of such debt would be deductible.

By: drivingdog18

drivingdog18 — Tue, 19 Aug 2008 06:52:37 +0000

Call H&R block at your own peril, they’re morons. Do a little research in your area and find a reputable tax consultant. Talk to folks who have lived in the area for a while (years), espicially those who are semi well off. They will know who can get all they can LEGALLY out of the tax code.

Also as CP said, get outa that intrest only nonsense and into a 30 yr fixed.

By: amymcmahon23

amymcmahon23 — Sun, 17 Aug 2008 10:15:40 +0000

Yes -if both liens are on your primary residence mortgage.

By: sophieb

sophieb — Fri, 15 Aug 2008 14:14:34 +0000

call H&R Block and ask to be sure

By: CP

CP — Wed, 13 Aug 2008 23:25:24 +0000

I’ve gotta better one.

What will you do when your rate goes up and you have no equity and you can’t sell?

I’d refinance on a 30 year fixed. If you can’t afford it then you can’t afford the house.

By: Markooo

Markooo — Mon, 11 Aug 2008 17:56:38 +0000

yes!!

By: Becky F

Becky F — Sat, 09 Aug 2008 14:27:02 +0000

Why couldn’t you?