Irs Tax Credit Gov
October 30th, 2008
Question: If I use an unsecured line of credit to make payments on my 1st or 2nd home, is the interest ‘tax deductible’?
If possible, please provide a link to any IRS publication or ruling (www.irs.gov). Thank you.
Answer: The interest on the two mortgages is deductible, but if you’re borrowing money to pay loans, then the money you are borrowing that is unsecured is not deductible.
The loan must have a mortgage filed against it to be deductible.
You can not borrow your way out of debt. You need to sell the house and get your financial housekeeping cleaned up. This is a very bad plan!
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