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What counts as mortgage interest?

April 26, 2017counts mortgage

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What counts as mortgage interest?

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Mortgage interest is any interest you pay on a loan secured by a main home or second home. These loans include: • A mortgage to buy your home • A second mortgage • A line of credit • A home equity loan If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay isn’t deductible.

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Mortgage interest is any interest you pay on a loan secured by a main home or second home. These loans include: • A mortgage to buy your home • A second mortgage • A line of credit • A home equity loan If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn’t deductible. Your home mortgage must be secured by your main home or a second home. You can’t deduct interest on a mortgage for a third home, a fourth home, etc.