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Intrest deduction on 2nd mortgage?

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B

Bill H

Guest
I am going to purchase a new vehicle and have heard many ads that say to get take out a second mortgage on your home or a home equity loan and that it may be tax deductable, but you must first consult your tax adviser. Is the intrest on a second mortgage or home equity loan tax deductble if you use the loan to purchase a new vehicle?
 


S

ShyMiGirl

Guest
Mortg. Interest

As long as that loan is secured by your home (a second mortg.) then
you may be able to take the deduction for it...as long as your Sch. A
is working for you. Make sure it's not just a personal loan...you can't
deduct that interest on a Sch. A.
 

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