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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Sat, 02 Apr 2005 10:07:46 -0600
/ Author of the message: "John A. Weeks III" |
Title of the message: |
Re: First Trust Deed HELOC -- deductibility of interest?
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Text of the message: |
In article <slrnd4smg4.oof.efflandt@typhoon.xnet.com>, efflandt@xnet.com (David Efflandt) wrote: > In my case, there would be no question about interest deduction, since it > refinances existing mortgage balance on primary residence. But if you > used a Visa card from a HELOC for purposes other than home improvement, > there may be some question whether that portion of the interest would be > deductable. If I did draw any additional at fixed or variable interest, > it would be accounted for separately. I was under the impression that as long as your loan balance was less than the appraised value of the home (at the time the loan was taken out), you are able to deduct the interest. For example, if you get a 125 loan, the interest on the top 25 part is not deductible. -john- -- ====================================================================== |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.