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  Did You Know?
 

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage.  Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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