Client bought a home in 2005 for $100,000.
Client borrowed the 100,000 from bank using one of his Cert. of Dep. as collateral.
The home was not used as collateral.
In the last part of 2005 client paid off the 100,000. loan plus $2600. in interest.
Since the CD was used as collateral and not the home, can the 2600. interest paid be deducted on Sched. A as home mortgage interest?
Thanks.
Client borrowed the 100,000 from bank using one of his Cert. of Dep. as collateral.
The home was not used as collateral.
In the last part of 2005 client paid off the 100,000. loan plus $2600. in interest.
Since the CD was used as collateral and not the home, can the 2600. interest paid be deducted on Sched. A as home mortgage interest?
Thanks.
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