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Posted by lisahopes2000 on June 4, 2006, 1:13 am
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I have paid off my first home and just sign a contract to
buy a bigger new home. I will have to get a mortgage and
line of credit for this new home. For the job and location
reason, I can't move into this new home right away. I want
to rent it maybe for a year or two before I move into it.
My questions:
Are the mortgate and line of credit tax for the second home
(rent out for a few years) tax dedutable?
If it is ok with lender, can I just get mortgate without
line of credit? What is the advantage of the line of credit?
Are there any tax problems when converting a rental property
into primary home?
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