Compare Mortgage Quotes

brunettebabe204 · Joined: 01 Nov 2009 Posts: 1 1.28 Dollars($)

If a person was to hypothetically take out a 30 year mortgage for $1.2 million how would this transaction affect the person's alternative minimum tax? Additionally is there any subsequent tax advice you could offer a person who is looking to take out a mortgage such as this and is already in AMT every year.

savior70 · Posted: Mon Nov 02, 2009 3:42 am Post subject:

Hi,

As far as I'm aware of, interest payments can be deducted on an existing mortgage of as much as $1 million. But under the Alternative Minimum Tax rules, interest payments on home equity loans cannot be deducted, unless the loan proceeds are used for the purpose of home improvements. So, for an example, a tax payer will not be able to purchase a car using the money from a home equity loan or a line of credit and write off the mortgage interest from his taxes. To know more about the tax deductions under the AMT rules, you ought to consult a tax advisor.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

What would the overall tax implications of a mortgage be, and more spcifically how would taking out a home mortgage affect a persons alternative minimum tax