bernie10
Level 3
12-07-2019
09:30 AM
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Best Answer Click here
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TaxGuyBill
Level 15
12-07-2019
09:30 AM
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I think it might be a bit of a "gray area", but I also think that most tax professional say "no", it is not deductible.
Once of the requirements it that the mortgage much be secured by "such" residence. Although some people might interpret "such" to refer to any "qualified residence", I think most people read it as referring the THAT residence.
https://www.law.cornell.edu/uscode/text/26/163#h_3
qbteachmt
Level 15
12-07-2019
09:30 AM
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This person has now asked the same question twice. The original, with an answer, is here: https://accountants-community.intuit.com/questions/1888662-california-taxpayer-refinanced-home-in-ca...
I will close this duplicate topic.
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