Home Buying in 27540>Question Details

olleirotb@gm…, Home Owner in Yucca Valley, CA

I have a small All interest loan on my house, can I write the interest off on my taxes? Both my wife and I are on Disabilty.....thank you

Asked by olleirotb@gmail.com, Yucca Valley, CA Mon Jan 21, 2013

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6
Krista,

Is correct a tax professional is your best way of determining the possibility of a deduction. I do believe that presently only interest from a primary mortgage is deductible. Check with your accountant though. You can always go to the IRS website to read up. Here is also a link to the pdf file about interest deductions: http://www.irs.gov/pub/irs-pdf/p936.pdf

Now this is presently a hotly debated topic by our politicians with some talking about doing away with interest deductions.

So again the best way to be sure is to speak with a tax professional.

Hope this helps,
1 vote Thank Flag Link Mon Jan 21, 2013
I would talk with a tax professional concerning the interest.
0 votes Thank Flag Link Sun Jun 9, 2013
Mortgage interest is deductible and you will receive a form from your lender stating the total amount of interest you paid in 2012 specifically for this purpose. That said you haven't really given enough information on the specific type of loan you have to for anyone here on Trulia (a real estate website not a tax information site) to be able to answer you with 100% certainty. If your loan is an equity line of credit it's unlikely to be deductible. You should consult with an accountant or tax preparer or visit your local IRS office and ask to be certain.
0 votes Thank Flag Link Tue Jan 22, 2013
Hello:

As everyone has advised, you should consult your accountant or tax professional to answer your question or all your concerns.

Best.
0 votes Thank Flag Link Tue Jan 22, 2013
Olle,
Generally mortgage interest is deductable on primary residence, but was this loan used to purchase the property or was it an equity loan? When you discuss this with an accountant, as you absolutely should, they will need to know this to answer with certainty.
0 votes Thank Flag Link Mon Jan 21, 2013
I wish I could help you with this, but I really think it would be in your best interest to reach out to your tax professional. If you do not have one I work with a couple of great ones and could send you thier contact information.

Have a great night.

Krista
0 votes Thank Flag Link Mon Jan 21, 2013
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