Can the interest be deducted for a second mortgage?

Answer You can deduct home mortgage interest on a second mortgage. You must be legally liable for the loan, however. You cannot deduct interest that you pay for someone else if you are not legally liable.... Read More »

Top Q&A For: Can the interest be deducted for a second mortgage

Can credit card interest be deducted on taxes?

Credit card interest is not deductible from your taxes. However, if the balance on your credit card is from money used to invest, you can deduct the interest as investment interest if you itemize y... Read More »

Is interest paid on a time share condo deductible as mortgage interest?

According to the IRS, mortgage interest from a timeshare condominium is considered qualified residence interest that is tax deductible as long as the owner uses the condominium as a second home for... Read More »

Is mortgage interest figured differently than revolving interest?

Mortgage interest rates are calculated differently than revolving rates, because property secures mortgages. Banks can foreclose or seize real estate to make good on missed payments. Revolving debt... Read More »

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »