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February 21, 2020
Question

Which box do I check if I have an original mortgage and a second mortgage, all on one house? The second is not a home equity line of credit.

  • February 21, 2020
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2 replies

February 21, 2020

The program asks you if the second mortgage is a loan  to buy or build my home this is the option that you would pick.

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February 21, 2020

IRS doesn't care if it's a 2nd mortgage, a HELOC or any specific type of mortgage.   it wants to understand what you did with the money.  The related interest is taxable unless you used to the money to substantially improve your home