My second mortgage is secured by my personal residence, however, through turbo tax, and other research, everything I read indicates the interest is not tax deductible if the funds acquired by the second were not directly used for adding value back into the home; i.e. remodel, repairs, etc... If you used the funds for paying off other credit cards, other loans, other debt, then you cannot claim the interest from this loan as an itemized deduction. Now I am confused, what is right, your answer or the information I am reading elsewhere?
