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Your tax consultant can answer your specific question, because of the details involved. But generally in USA, mortgage loan interest on real property is deductible. However, since this is an investment and not your primary residence, the answer may be different.

Also, your answer may depend on whether you are asking on behalf of a corporation, or on behalf of an individual.

== ans ==

The above is almost laughable.

Interest incurred in the effort to make taxable income (on an investment) is an expense for tax.

Corporate or personal return is not a consideration. Investment interest is an expense for either.

There is no special tax on "real property" at all in the US. There is an interest deduction allowed if incurred for your primary residence (which may or may not be real estate), under a number of qualifying circumstances.

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Q: If you buy a condo for an investment can you deduct the interest on the mortgage?
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What are the mortgage rates for a condo?

Mortgage rates for a condominium will vary depending on the overall cost of the property, the down payment that is put down, and the interest rates that will apply to the loan. Although rates can be as low as 2%, interest rates for condominiums are generally higher than for single-family homes.


Do you have a lein on your property?

yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage


What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?

For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.


Can you walk away from a condo mortgage without having mortgage company and association org garnishing your wages for pmts?

Not all mortgage companies seek a judgment after they foreclose (often called a deficiency action). They are less likely to do so if they believe you have no assets to go after, since it costs money to file the action and takes a long time to collect. Often, though, mortgage companies sell off the ability to seek a judgment to collection firms that specialize in deficiency actions, and the collection firm and the mortgage company split whatever is collected from the borrower. Your best bet would be to enter into a "Deed In Lieu of Foreclosure" with the mortgage company, and ask them to specifically guaranty that they will not seek to come after you for any additional money. In a deed in lieu of foreclosure, you deed the property back to the bank, and vacate the premises voluntarily. You may not have this as an option in all states, or if you have any junior mortgages or other judgments that are affecting title to the condo. If you are delinquent in your condo fees, it may also make your mortgage company reluctant to enter into a Deed In Lieu, since they would have to pay any back condo dues (this is as opposed to when a bank acquires the condo through foreclosure, where they are not always obligated to pay all delinquent condo dues).


If you are married must a mortgage use both partners' credit or can it be in only one person's name?

My wife and l bought a condo and it is in both our names but the loan is only in my name We just bought a house but the mortgage loan is only on my name. The title and deed is is both our names.

Related questions

Can you have a reverse mortgage on a condo?

Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.


What happens to your mortgage if your condo is condemned in California?

You can find the answer you want by asking the mortgage holder.


What are the mortgage rates for a condo?

Mortgage rates for a condominium will vary depending on the overall cost of the property, the down payment that is put down, and the interest rates that will apply to the loan. Although rates can be as low as 2%, interest rates for condominiums are generally higher than for single-family homes.


Can you buy a condo if you receive ssi?

Your mortgage lender can answer this question for you.


If I file bankruptcy and I'm on the deed for my son's condo can they take the condo away?

Your interest in the condo will be considered part of your assets.


Can a Veteran obtain a VA Mortgage Loan to purchase a condo on the ocean with 1/3rd down payment?

Can a Veteran obtain a VA Mortgage Loan to purchase a condo on the ocean with one-third down payment?


50 of the condo allocated for loggin?

Condo allocated for logging is recover unpaid assessments. This is in time builds up interest.


How can I get financing on a condo with bad credit?

Obtaining financing in today's real estate market is difficult even with good credit. If you have poor credit you'll be looking at higher interest rates. Contact a local mortgage broker for help.


I own a condo with my boyfriend. I am moving out of the state and my boyfriend will remain in the condo. Can I file a quit claim deed to get my name off the mortgage?

No. The mortgage will need to be paid off and refinanced to free you from the obligation. Do not convey your interest to your boyfriend until he has been approved for a refinancing and make certain your deed is part of that same transaction. You will want indisputable proof the mortgage will be paid off and a new mortgage recorded in your boyfriend's name only. Only then should you sign a deed. The matter should be handled by an attorney who can look after your legal rights.A mortgage is an iron-clad contract you signed with the bank promising to pay a considerable sum of money it loaned to you. There is no way you can "take your name off the mortgage". If you sign a deed now you will be responsible for paying a mortgage on land you do not own.


What is the law on owning a condo and it being taken away from you?

The Answer lies in who truly owns it - you or your bank/mortgage company.


Do you have a lein on your property?

yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage


What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?

For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.