If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Your home mortgage must be secured by your main home or a second home. You can't deduct interest on a mortgage for a third home, a fourth home, etc.VERVIEW. If you're a homeowner, you probably qualify for a deduction on your home mortgage interest. The tax deduction also applies if you pay interest on a condominium, cooperative, mobile home, boat or recreational vehicle used as a residence.
A gas heating system is less expensive to operate than an electric unit. Natural gas is a cheaper form of energy than electricity and over the past few years, the cost of natural gas has actually decreased. However, a gas-powered unit will require a larger initial investment than an electric unit.Gas heating systems generally heat the home faster than electric units.atural gas is a cheaper form of energy than electricity and over the past few years, the cost of natural gas has actually decreased. However, a gas-powered unit will require a larger initial investment than an electric unit. Gas heating systems generally heat the home faster than electric units.
However, if a system has an electric furnace for heat instead of a heat pump, the energy costs can be substantially higher, even prohibitive because electric furnaces are similar to heating with electric baseboard heaters except they are forced air as opposed to unitary heaters.eat pumps are much more cost effective than electric furnaces, which are like heating the house with a hair dryer! Use caution before listing a home as a heat pump if this is in doubt. There are several ways to distinguish a heat pump from an electric furnace.