- Joined
- Oct 7, 1998
- Messages
- 1,838
HM; thanks; I appreciate your kind words. Actually, I bought the car on a whim. I went into the credit union and jokingly asked them if they would loan me the money to buy a 911. They said they would, but wanted to take a lien on my house. I asked them why, since my credit was perfect. The answer, of import to all of you was this:
If a lending institition takes out a lien on your house to cover a loan, which BTW, does not require an appraisal, and is NOT a second mortgage, and only costs about $60-70 in document fees, then the interest on that loan is MORTGAGE interest. So, basically, my 911 is my second home. It is perfectly legal, and a form 1099 arrives each year with my 'mortgage interest' paid that year for my 'second house.' So, I can deduct the interest on my 911 loan from my taxes. Of course, the killer interest rate is 8%, but nothing is perfect!
Walt
If a lending institition takes out a lien on your house to cover a loan, which BTW, does not require an appraisal, and is NOT a second mortgage, and only costs about $60-70 in document fees, then the interest on that loan is MORTGAGE interest. So, basically, my 911 is my second home. It is perfectly legal, and a form 1099 arrives each year with my 'mortgage interest' paid that year for my 'second house.' So, I can deduct the interest on my 911 loan from my taxes. Of course, the killer interest rate is 8%, but nothing is perfect!

