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Refianced an "investment" property...Is the interest tax deductable?
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TheLucille2
Yayicanpickmyowntitle!
Member since 6/11 1058 total posts
Name:
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Refianced an "investment" property...Is the interest tax deductable?
Does anyone know? Or is it only for a primary residence? TIA!
ETA: It is a HARP loan, if that matters.
Message edited 9/23/2013 1:37:15 PM.
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Posted 9/23/13 1:36 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Refianced an
I am no accountant, but if it's purely for investment, interest (along with all other expenses) should be deductible. If I remember correctly, it's deducted on Schedule A.
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| Posted 9/23/13 1:57 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Refianced an
Let me also add if you have an investment property... you DEFINITELY want to work with an accountant. Don't try to attempt doing taxes on your own. Not that it can't be done, but an accountant can help you maximize your deductions and the laws for investment are always changing.
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| Posted 9/23/13 2:02 PM |
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TheLucille2
Yayicanpickmyowntitle!
Member since 6/11 1058 total posts
Name:
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Re: Refianced an "investment" property...Is the interest tax deductable?
Posted by ave1024
Let me also add if you have an investment property... you DEFINITELY want to work with an accountant. Don't try to attempt doing taxes on your own. Not that it can't be done, but an accountant can help you maximize your deductions and the laws for investment are always changing.
Thanks for the input. It is technically an investment property. I bought it years ago, couldnt sell it after the market crashed.
I have done my taxes on it for years-it's pretty straight-forward (one bedroom condo).
It wasnt until recently that I was able to refi and I was not sure if the interest qualified as a tax deductions. Thanks!
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| Posted 9/23/13 2:27 PM |
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MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: Refianced an "investment" property...Is the interest tax deductable?
It is a deduction regarding it reduces the income on the investment property. You may or may not be able to use the loss in any given year. It would depend on your individual tax situation. It is not an itemized deduction.
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| Posted 9/23/13 6:37 PM |
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