I agree with the other responses. I would add that the mortgage
interest deduction is only available for funds associated with your
house (there are some technical terms for this, such as "acquisition
indebtedness"), not for your car. Thus, you would have to be dishonest
on your tax return to report that deduction...
Gary Brolis
"Mechanics of Money Financial BBS" <> writes:
> I agree with the other responses. I would add that the mortgage
> interest deduction is only available for funds associated with your
> house (there are some technical terms for this, such as "acquisition
> indebtedness"), not for your car.
Better double-check your "mechanics". :-)
That's incorrect.
The interest on loans secured by your home deduction is available for
funds used for any purpose, except that interest allocable to
non-acquisition, non-improvement debt in excess of $100,000 is not
deductible (and all interest allocable to non-acquisition,
non-improvement debt is not deductible under the AMT).
--
Rich Carreiro