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Old 10-14-2004, 11:35 AM
janiswalkow
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deductability of Condo assessment for construction loan

What is the name of your state? Florida

Our condominium has taken out a construction loan to make some major renovations to the structure of the building. The owners are being assessed.
The construction loan will be paid off over 12 years. We have the option to finance our assessment as part of the loan. Is the interest on this loan tax deductible?
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Old 10-15-2004, 12:19 PM
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Location: Washington
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Yes, interest paid on a loan used to buy, build or improve your home is deductible as "acquisition debt". Depending on the terms & interest rate, you might want to get a home equity loan on your condo instead of financing through the association.
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