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    trixam53's Avatar
    trixam53 Posts: 1, Reputation: 1
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    #1

    Jul 5, 2007, 12:01 AM
    Fully deductible mortgage interest
    IRS Publication 936, subheading "Fully deductible interest", category #2 says:

    "2. Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2006 these mortgages......"

    My question is: if a first-time home buyer takes out a first mortgage (home acquisition debt) in 2007, will the "throughout 2006" mean "throughout 2007"?
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #2

    Jul 5, 2007, 07:51 AM
    Quote Originally Posted by trixam53
    IRS Publication 936, subheading "Fully deductible interest", category #2 says:

    "2. Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2006 these mortgages......"

    My question is: if a first-time home buyer takes out a first mortgage (home acquisition debt) in 2007, will the "throughout 2006" mean "throughout 2007"?
    YES
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Jul 5, 2007, 11:53 AM
    Agreed; it is likely the IRS Pub 936 applies to the 2006 tax year and has yet to be updated.
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