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Nov 02, 2017 4:02 pm
HOW CAN I DEDUCT AN INTEREST ONLY SECOND MORTGAGE. I BORROWED 50000 TO PAY OFF DEBTS WHICH INCLUDED A LINE OFF CREDIT?
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Nov 02, 2017 4:03 pm
You can deduct the interest paid on a second mortgage if the proceeds from the second mortgage were invested in an income producing investment / business. Otherwise, the interest paid is non deductible.