If this is your situation, you might treat the eye on both financing just like the deductible licensed household notice
If this is your situation, you might treat the eye on both financing just like the deductible licensed household notice A: Possibly. For people who don't spend continues to invest in or increase very first or 2nd home, the solution is no, as you may don't subtract notice toward a mortgage loan that is categorized to have income tax intentions given that house equity loans. But if you invested the fresh $one hundred,100 off household guarantee financing proceeds purchasing otherwise replace your earliest or 2nd family, it could be a separate facts. (more…)
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