Do you want to stay logged in?

Message Board

Mortgage Interest Deduction

October 06, 2016 • Kiimberlei Tiernan • Log In to Post Comments

Client informed me that they are moving to Florida, but keeping their home in California.  In order to finance the new home and have a stronger offer (termed all cash), they are looking to take out a mortgage on their California home (which currently has no mortgage, nor has it for quite some time -- not really even certain if it ever did).  Since they will now have two homes (primary and secondary) and the secured mortgage of one was used to purchase the other, does this count as acquisition debt or are they limited to the $100K equity debt limitation (which is obviously a bad answer and I need to advise them to not do this if the case)?



No comments posted yet.


Send To A Friend