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150k remaining on mortgage. 150K remaining on 1st mortgahe.

150k remaining on mortgage ...

150k remaining on mortgage

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

150K remaining on 1st mortgahe

Accountant's Assistant: Is there anything else important you think the Accountant should know?

150 k remaining on 1st mortgage

Accountant's Assistant: What else should I tell the Accountant?

150k remaining on 1st mortgage and I also have 75k HELOC due to begin repaying..........if I roll both into a 225k fix rate HELOC with Bank in 1st lien position can I still get the mortgage interest deduction?

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Customer reply replied 1 month ago
this is my one and only residence....replacing a fixed rate 30 yr mortgage with a
HELOC paid off over 15 years and putting the bank in first lien position
Answered in 13 minutes by:
3/19/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,802
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

According to the IRS, the Tax Cuts and Jobs Act states that interest paid on home equity loans and lines of credit is still deductible, as long as they money is used to “buy, build or substantially improve” the taxpayer’s home that secures the loan in question.

But if the money is used to pay other expenses, the interest is not deductible.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 1 month ago
Thanks Barb...... that 's fairly clear, and I will have documentation showing that 150k was used to pay off the 1st mortgage ...
I just wanted to be sure there isnt some technicality because its a HELOC 'lien' and not actually called a mortgage secured by the property......sounds like Im OK because the HELOC is replacing my mortgage as a way to own the property free and clear. Yes? ( I'm about to sign and you are giving me peace of mind)
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Customer reply replied 1 month ago
ok...time is of the essence though ...I super appreciate the help

It was a pleasure speaking with you.

Please do not hesitate to contact me if you have any other questions in the future.

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