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    #1

    interest on rental

    Client purchased residential rental. Mortgage taken out with rental property as collateral.
    Interest has been deducted on Schedule E.

    Now client has stopped renting property and has allowed a child to live in home rent free.

    Can client now deduct rental property mortgage interest as personal second home interest.
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    #2
    Since the use changed to personal it naturally follows that the mortgage interest is now deductible as second home as long he does not have a second home already.

    Comment

      #3
      Agree, schedule A.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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