The property is wooded and part of an AFD (Agriculture and Farming District). There are no structures.
You'll need to sign in or create an account to connect with an expert.
No, I'm afraid not.
According to the IRS:
"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible."
If you took a "Home Equity" loan out on your primary home and paid off the loan on the property, the interest on the home equity could be deductible if:
"Mortgages you (or your spouse if married filing a joint return) took out after October 13, 1987, that are home equity debt but that are not home acquisition debt, but only if throughout 2016 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by..." (any outstanding mortgages).
For more detailed information, please click the link below.
CLICK HERE for IRS information on the home mortgage interest deduction
No, I'm afraid not.
According to the IRS:
"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible."
If you took a "Home Equity" loan out on your primary home and paid off the loan on the property, the interest on the home equity could be deductible if:
"Mortgages you (or your spouse if married filing a joint return) took out after October 13, 1987, that are home equity debt but that are not home acquisition debt, but only if throughout 2016 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by..." (any outstanding mortgages).
For more detailed information, please click the link below.
CLICK HERE for IRS information on the home mortgage interest deduction
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
AJ1017
New Member
augustbaumann
New Member
Larry7980
Level 1
Saintjames18
Level 1
debbieywood
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.