Loan Interest

[JG EA]

It's been asked and answered, but just to be sure:

Loan taken out for a down payment on a home, secured against a piece of land. The interest is not deductible on the home because not secured by the home - right? And the interest is not deductible as investment interest because it was not used for the land - right?

[Jesse]

Yes, I believe you are correct.

[Fuzzy Faced Leader]

Have the client put a travel trailer on the land. Then deduct the interest as a mortage on a second home.

[JG EA]

Thanks. Good idea.