Our primary home has a first and second mortgage. We also have an RV. Can I write off all 3 loan?
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write em off to what? Do you mean just don’t pay them?
Of course your credit will be shot until you repay the outstanding balances.. Yourhousewill eventually get foreclosed, and then sold, and then whatever it sold for will be deducted from your mortgage balance, and the difference is what remains on your credit – forever.
Your tax consultant would be the best source of that information. The answer depends on your individual situation. No one else can answer your question accurately.
If you mean can you write off the interest on the loans the answer is yes. The RV is “probably” because you can call it a second home as long as it qualifies.
Write off what?
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