- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Cash home purchase then got a mortgage
We purchased our home with cash we borrowed from our retirement. We then took out a mortgage to pay back our retirement. Does that count as an original loan for buying our home?
Topics:
April 26, 2020
1:06 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Home loans
depends how long you waited to close on the mortgage... the mortgage closing date can't be more than 90 days after the home closing date to qualify as deductible mortgage debt
see IRS publication 936 , page 10, 1st column at the very bottom:
1. You buy your home within 90 days before or after the date you take out the mortgage. The home acquisition debt is limited to the home's cost, plus the cost of any substantial improvements within the limit
April 26, 2020
6:45 PM