Article Date:
January 2006


Word Count:
261

 

 

Mortgage Interest


Life has been good. I currently own a $7 million home and owe only $1 million on it. I plan to take out a new $4 million mortgage, pay off the current $1 million mortgage, and put the $3 million excess into an investment account that will produce a 12% return. From this investment account, I plan to pay the mortgage. May I deduct the interest on this loan? (S.J.C., Irvine, CA)

 

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