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suep1960p
March 30, 2024
Question

Bridge loan secured by financial assets to purchase home

  • March 30, 2024
  • 1 reply
  • 0 views

I wanted to purchase a new primary residence prior to selling my home.  I took a bridge loan against financial assets, can I still deduct the interest on the loan?

    1 reply

    M
    MinhT1
    March 31, 2024

    No.

     

    To deduct the interest as mortgage interest, the loan has to be secured by the home.

     

    See page 3 of this IRS document.

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