Posted by River City on June 29, 2005 at 06:11:15:
Send your question to the IRS and ask them. Their email address is:
You might want to do a little wordsmithing so your questions are a little more clear and they will understand what you are asking. You should receive an answer to your question within 24-48 hours. I communicate with them quite frequently via email. They are very helpful. This way I also have my answers in writing.
Mortgage Intrest limits - Posted by Steve
Posted by Steve on June 22, 2005 at 14:22:53:
I am married and bought our personal residence in 1999 for 282,000 w/ a 216,000 mortgage.
Current loan balance is 214,000 with a fair market value of 425,000.
I refinaced the loan for 339,000. So my normal interest deductions are equal to 314,000 (214,000 + 100,000). Is there anyway besides capital improvemets to deduct the extra 25,000?
For instance if I use the extra 25,000 to make payments on my lots can I deduct the interest as investmet interest? or if I set aside the money and use it to make paymets on my rental homes can I deduct that part of the interest against the rental homes?
Any ideas would be appreciated.
Thanks,
Steve