jmallard Posted April 3, 2008 Report Share Posted April 3, 2008 Hi everyone, I have a client with a statement from a bank for "Line of Cred - Variable Rate Plan". Shows a year to date interest paid. There was no 1098 from this bank. Is this deductible as mortgage interest ? Thanks Jerry Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 3, 2008 Report Share Posted April 3, 2008 Is it secured by real property? His primary residence or second home? How much is the principal on the line of credit? Quote Link to comment Share on other sites More sharing options...
jmallard Posted April 4, 2008 Author Report Share Posted April 4, 2008 Is it secured by real property? His primary residence or second home? How much is the principal on the line of credit? jasdlm Thaks for the response. Yes, the loan is secured by his primary residence and principal is $88,500.00. Jerry Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 4, 2008 Report Share Posted April 4, 2008 jasdlm Thaks for the response. Yes, the loan is secured by his primary residence and principal is $88,500.00. Jerry Then it is deductible as long as they don't have more than $100K in equity debt. Quote Link to comment Share on other sites More sharing options...
jmallard Posted April 4, 2008 Author Report Share Posted April 4, 2008 Then it is deductible as long as they don't have more than $100K in equity debt. Pacun Thanks for the information. I just did't have time to track down the answer. Jerry Quote Link to comment Share on other sites More sharing options...
diligentbiz Posted April 7, 2008 Report Share Posted April 7, 2008 Deductible. I went through a client audit and it was confirmed deductible. Nowadays, some folks are living off social security and equity line. Hard to tell them they're belly up and waiting to be stepped on hard. Fact is, credit card interest is no longer deductible; equity interest is. Quote Link to comment Share on other sites More sharing options...
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