Is the interest on $200k home equity loan used to buy a new primary residence deductible on Sch A.?
Tags:agi, equity loan, existing home, home equity loans,
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We have been formulation to lease a existent home as well as lift 0k equity from which home to buy a brand new first residence. we am not transparent about a 0k deductible extent upon a home-equity loans. Can we concede it upon Sch A or opposite a let income as well as is a deductible equity loan capped during 0k. We record tied together mutually as well as a AGI is 0k.
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The loan is on the rental property, stupid move, as now you have full capital gains tax, but that is not your question. The interest is not applied to your primary home, but to your rental.
I don’t know where the first reply came from and I’m not knocking his intentions BUT…..I never thought it was allowed or a good idea to pursue business or advertisements on this website….
In any event, be forewarned as there are a million scams out there…
Personally, with that amount of AGI, you surely must have a CPA do your books and tax returns…..if not, find a good one…..and let him advise you…..too important to leave it to a bunch of wannabee experts on this site…..
IMHO