Posted on: 08th Feb, 2010 03:30 pm
I lost an investment property due to a foreclosure , there is a 2nd mortgage which I had forgotten about but I was paying it through equity line which is taken out monthly , I also have another equity line , not from the foreclosed property , and I did not realize I was still paying off the foreclosed 2nd. My tax preparer told me I could not include in my 2009 taxes the interest because the home no longer existed in my name. Thanks Andrew Orlando florida
hi andy,
i agree with what your tax preparer told you. you will not be able to claim the interest you paid on the second mortgage because the property has been foreclosed and you no longer own the property. unless you are a legal owner of the property, you cannot claim the interest paid on your taxes.
i agree with what your tax preparer told you. you will not be able to claim the interest you paid on the second mortgage because the property has been foreclosed and you no longer own the property. unless you are a legal owner of the property, you cannot claim the interest paid on your taxes.