Is interest from a home purchased through a Bank loan tax deductible?
sukcorb asked:
I recently purchased a home through a Bank Loan. Will the interest paid on the loan this year be tax deductible?
I recently purchased a home through a Bank Loan. Will the interest paid on the loan this year be tax deductible?
November 17, 2008
• Tags: Bank Interest, Bank Loan, Loan Interest, Tax Deductible • Posted in: United States
3 Responses to “Is interest from a home purchased through a Bank loan tax deductible?”
YES IT’S TAX DEDUCTIBLE
Yes, it is tax deductable if you live in the US and the mortgage is at a US financial institution. In Canada it is only tax deductable if it is on a rental property.
It’s tax deductible. You have to itemize in order to take the deduction. If your standard deduction for your situation is larger than the total of your itemized deductions, then you would not be ahead to itemize.