Home Mortgage debt elect out

[Jesse]

If I want to elect to treat debt secured by my home as not secured by my home under Reg Section 1.163-10(o)(5) do I just attach a miscellaneous statement to my tax return stating such?

Do I have to name the bank, amount or any of the details as to the debt that I am electing out?

[Bees Knees]

I see nothing in the regulation that tells you how to make the election. Generally, in the absence of specific procedures, the election is made by simply doing it that way on the return.

Just do it.

[Mark Goldberg]

Ncpe Way

NCPE has a worksheet that says it is an election to treat debt as not being secured by a qualified residence
Regulation 1.163-10T(O)(5)

it then has name and id number and tax year

the name of the lender
description of debt
amount of debt
term of debt interest rate

and then it is signed and dated

[Jesse]

Thanks

I really appreciate the help!!!!