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| *The Commerce Journal>>>United States Taxes |
If I transfer a 2nd mortgage to a credit card with a lower APR, can I still deduct the interest for taxes? |
the rate is lower... 4.9 vs 8.5, and it is fixed. I can always leave the 2nd mortgage line open and transfer the money back if i default and they jack the rate. The first answer is correct. Only if the credit card debt was secured by your home could you deduct the interest. No since the house must be security for the loan which will not be the case. I can't believe a credit card would have a permanent rate below that of a 2nd mortgage - what happens if you're late and they jack the rate way up - then you're screwed You cannot transfer a mortgage to a credit card and it is hard for me to imagine that interest on any credit card would be lower than any secured loan. However, it what you say is true, then you could always get a cash advance on your credit card and pay off the second mortgage, but I am sure there will be lots of fees involved in the process. Why not just renegotiate your first and second mortgages into one instrument at a lower interest rate. There will be fees, but you should save plenty over the life of the loan compared to what you have now. I think the credit card idea sucks. |
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