If I get a home equity loan over 100000 on my home &buy a condo outside the US is the interest tax deductible
Tags:buying a condo, home equity loan, money, panama,
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I will be shopping the apartment house in Panama as the second chateau with the income from the home equity loan upon my first chateau in the US. I’m endangered about the seductiveness upon the loan over 100,000 dollars A home equity loan 100,000 as well as next we know would be taxation deductible
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Since you are using the equity to acquire another residence, all of your interest paid is tax deductible up to $1,000,000 (the total of all mortgages) on any property.
If you were using equity to consolidate debt, pay for school or anything other than improving or acquiring a home, it would only be tax deductible up to $100,000.
Hope this helps! Good luck and feel free to get in touch with me directly if you have any other questions.
Because the loan is on property located in the US, the interest and taxes are deductable. But if you purchase a property in Panama you can not deduct the same on your US taxes.