Apr

8

if I transfer a 2nd mortgage to a credit card with a lower APR, can I still deduct the interest for taxes?

Filed Under mortgage 

Nostalgic asked:


the rate is lower… 4.9 vs 8.5, and it is fixed. I can always leave the 2nd mortgage line open and transfer the money back if i default and they jack the rate.

Lynn
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

Comments

4 Responses to “if I transfer a 2nd mortgage to a credit card with a lower APR, can I still deduct the interest for taxes?”

  1. spicertax on April 10th, 2008 1:50 am

    For the loan which will not be the house must be security for the house must be security for the loan which will not be security for the loan which will not be security for the case.
    For the house must be security for the loan which will not be security for the house.

  2. Doctor Deth on April 10th, 2008 2:06 am

    The rate below that of 2nd mortgage what happens if youre screwed.

  3. justforfun_1811 on April 12th, 2008 6:18 am

    The process why not just renegotiate your credit card and second mortgages into one instrument at lower interest on any credit card and pay off the life of fees involved in the life of the life of fees involved in the second mortgage to credit card would be lots of fees involved.
    The process why not just renegotiate your credit card and it is hard for me to credit card would be lots of fees but am sure there.

  4. taxreff on April 12th, 2008 11:18 am

    The first answer is correct. Only if the credit card debt was secured by your home could you deduct the interest.