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

Is second home mortgage interest tax deductible?

Second home mortgage interest is tax deductible. According to the IRS, "A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, c... Read More »

Can you claim your rv interest&your second mortgage?

You can claim your RV interest and your second mortgage. As long as your RV has sleeping, cooking and toilet facilities, you can use your RV as a second (or even third) home and count the interest ... Read More »

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 »