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From: nxs@cuuxb.UUCP (Big Guy)
Newsgroups: net.taxes
Subject: Re: Home Equity Loans & new tax law
Message-ID: <850@cuuxb.UUCP>
Date: Thu, 9-Oct-86 15:58:39 EDT
Article-I.D.: cuuxb.850
Posted: Thu Oct  9 15:58:39 1986
Date-Received: Fri, 10-Oct-86 05:51:42 EDT
References: <1375@pyuxa.UUCP>
Reply-To: nxs@cuuxb.UUCP (Big Guy)
Organization: AT&T-IS, Customer Support, Lisle, Il.
Lines: 7


If you pay $X for a house and get a mortgage($Y), you can deduct the interest
under the new tax structure if the cost is less than or equal to the
entire price you paid for the house as you stated. So yes, ( $X - $Y ) would
be a valid amount. In addition, any major improvements made to the house
since the purchase can be financed and deducted, or can accumulate and
be used as an addition to $X( original price ).