If a second morgage from a primary residece is used to buy a second home is the interest deductible?
If an equity line was taken out on our primary res'd (total of both mortgages under 1 million) to build a second home is the interest deductible, or do we need a new mortgage on the second home?
I would say yes as the second mortgage is still held over the primary residence as the second property has been secured for cash.The leverage of the primary residence is still covered by the mortgage as the underwritten value of the primary residence is still recognised by the lender.Hope this helps. Dale.
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