I need confirmation

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • JenMO
    Senior Member
    • Apr 2007
    • 974
    #1

    I need confirmation

    Can somebody confirm what I think is correct? I posted a question about home mortgage, and I think that it is not deductible if not secured by the home even though the proceeds were used for the home. Am I right? Customer coming shortly and he assumed it would be deductible and I need something to show why not.
    Tags: None
    • Bill Tubbs
      Senior Member
      • Jan 2006
      • 495
      #2
      As far as I know...

      you're correct.

        Comment

        • JSLATER
          Senior Member
          • Dec 2007
          • 124
          #3
          Check the Tax Book 4-11. Any debt not secured by the property is considered personal debt.

            Comment

            • JenMO
              Senior Member
              • Apr 2007
              • 974
              #4
              thanks for your input. Last day, brain isn't working as good as it should. Wants to leave the office asap. Still will be end of the day.

                Comment

                Previous template Next

                Disclaimer

                Collapse

                This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

                Working...