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AMT and fifteen year mortgages.

I find myself limited in my ability to refinance anything close to the value of my property and to continue to deduct the interest.  I had taken out a loan for $225K for 15 years, and now it is paid down to about $126K.  If I borrow $225K, I can continue to deduct the interest on Schedule A, as it is not more than 100K over the existing loan, but I cannot deduct interest on the amount above 126K on AMT.  No one talks about that when discussing the advantages of 15 year versus 30 year mortgages.
  • April 28 2010 - US
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Answers (1)

What you are seeking for can only be provided by your tax preparer or CPA who is knowledgeable about the tax laws and changing rules.  

Talking about any "tax" advantages are strictly prohibited in the financial industry unless you are qualified and willing to take the responsibility.  
  • April 28 2010
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