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Open Question: Can interest for non-secured real estate loans be tax deductible?

Open Question: Can interest for non-secured real estate loans be tax deductible?

This is a discussion on Open Question: Can interest for non-secured real estate loans be tax deductible? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; My husband works for a large financial services firm. We are getting a mortgage for our first home purchase through ...

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07-11-2008, 11:52 PM

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Open Question: Can interest for non-secured real estate loans be tax deductible?

My husband works for a large financial services firm. We are getting a mortgage for our first home purchase through this company and one "benefit" they offer to employees is, if you get a mortgage through the company, they also offer a $2500 or $5000 (your choice) *non-secured* loan for a five year term. During that five years, you pay only interest and they pay principle. After five years, you pay both P&I. The catch is that the entire loan amount must be used toward a downpayment or closing costs for your refinance or purchase. Since this loan is being used 100% for home purchase purposes, is any of this interest tax deductible?

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deductible, estate, interest, loans, nonsecured, open, question, real, tax

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