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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Does the interest on a debt for unit repairs incurred by a

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Does the interest on a debt for unit repairs incurred by a condo association and prorated to individual owners qualify said owners for a tax deduction?

Unfortunately, the interest does not qualify as a tax deduction.

The only time you may take a deduction for interest paid, is on a qualified home mortgage loan, where you are the one who is legally liable for the loan and the loan is secured by your property.

Interest of this nature is not tax deductible since you are not the one legally liable for the loan (the condo assoc is), and if the loan is not secured by your personal residence.

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