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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Mortgage Interest Limitations: second motgage
Mortgage Interest Limitations: second motgage
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cpabark1
Level 1
06-02-2020
01:05 PM
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Is a second mortgage which is part of the original purchase of a personal residence, still considered a HELOC for calculating the interest limitation?
Thank you.
Dave Barcklay
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sjrcpa
Level 15
06-02-2020
01:06 PM
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No. It would be acquisition debt.
The more I know, the more I don't know.
