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    #1

    Not acquisition Interest

    A personal residence was used to secure the mortgage for the purchase of a vacation home. The mortgage on the residence is for more than $250,000.

    If they take out a new mortgage on the vacation property it is no longer acquisition mortgage since more than 90 days have passed.

    Is there a solution to making this mortgage interest fully deductible? Suggestions?
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    #2
    Welcome Windy!

    I think you are out of luck. If the mortgage was not for property where the lien is on you cannot deduct mortgage interest at all. The only exception is if funds where used for business purposes.

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      #3
      Isn't there an exception for an additional $100,000 on the first home where interest can be used for ANY purpose and still be deductible on the first home?
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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