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Old 03-02-2004, 09:32 AM
johnjnh
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Question

Mortgage Interest and Investment property

What is the name of your state? NH

A couple related questions:

What is the definition of Investment Property?

Can I deduct the interest of a mortgage on my home where the loan monies were used to purchase a raw parcel of land?

I refinanced my home to purchase the land for investment.

Thanks
jj
  #2  
Old 03-02-2004, 11:04 AM
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Location: Washington
Posts: 3,484
Investment property is property that is not held for personal use or as inventory for sale in the ordinary course of business. You can deduct the interest on Schedule A because 1) the loan is secured by your principal residence & 2) the interest allowed you to buy investment property.
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