Financial Information
How do I adjust the interest deduction for my second mortgage?
My second mortgage is $ 150k. I understand that you pay only deduct interest on first $ 100k. If this is correct, and if so, it would be for me only 3.1 or of interest, when making the deduction (for the last year I left interest only payments) make sense?
Check out publication 936 at the link below. Click the link for Part II, Limits on Home Mortgage Interest Deductions.
You have to scroll a bit, but there’s a table that will tell you how to figure that interest. It’s Table 1.