Mortgage Interest

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  • Bettie Cheek
    Junior Member
    • Feb 2006
    • 28
    #1

    Mortgage Interest

    Taxpayer has a rental. They have a home equity loan secured by their main home to finance major repairs on the rental. Is this interest deductible on Sche E. I am interpreting by the example in the book on page 4-11 that this is business interest and the answer is yes. Thanks
    Pookie
    Tags: None
    • OldJack
      Banned
      • Dec 2005
      • 1689
      #2
      Yes, if the loan proceeds were used on the rental property you can elect to deduct the interest expense on 1040 Sch-E. Pub 527 & Pub 936.

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