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Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)
- I have a mortgage for land that I intend to build a home on. Can the interest be deducted for the mortgage?
- Is interest on a home equity line of credit deductible as a second mortgage?
- I took out a home equity loan secured by my main home to pay off personal debts. Is this interest deductible? Where do I enter this amount on my tax return?
- Is the mortgage interest and property tax on a second residence deductible?
- If I must deduct points over the life of my mortgage, and I have a 30 year mortgage, does this mean that I divide the points paid by 30 and enter that amount on Schedule A?
Category: Itemized Deductions, Standard Deductions