posted
So... we put up a garage earlier this year. And we financed it, so we've been paying yet another thing every month.
My question is, is the interest on this loan deductable the way our mortgage interest is? Is the entire cost of the garage deductable as home improvement?
Does anyone know where a good place would be to look stuff like this up?
Posts: 12266 | Registered: Jul 2005
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posted
IRS.gov does have a wealth of information. The garage would only be deductible from what I understand if it is used for business purposes. The mortgage interest is almost definitely deductible however. Keep records of the garage payments though, I think the cost is deductible from the taxes paid on the selling price, should you ever sell.
Posts: 3134 | Registered: Mar 2005
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posted
If the loan you reference is another mortgage loan, e.g., an equity loan, a loan secured by the real property, then the interest on that loan and any points you paid is deductable.
Posts: 407 | Registered: Mar 2006
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