Quote:
Originally posted by bilmore
Yeah, in my enthusiasm, I blew right through the mil. But, AFAIK, the home equity cap isn't an issue. Unless I'm missing what you mean, you just refinance a first.
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My understanding of the code (and I did read up on this in the past year) is that -- even after refinancing -- you are supposed to segregate out that portion of your home mortage which was not used to buy and/or improve your home, and not claim that portion of your interest as deductible -- event hough it shows up on your little interest form.
The calculation gets interesting after a loan consolidation, an addition on the house, and a couple of refis to lower the rate.
S_A_M
P.S. Stop screwing around with us poor blue state folks about the loss of the home interest deduction, etc. It is only a proposal as yet, and I expect it will get rammed back up the appropriate rear ends.
But I have been hit with the AMT three years running, which bites.
