Announcement

Collapse
No announcement yet.

Mortgage Interest

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #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
    #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.

    Comment

    Previous template Next

    Disclaimer

    Collapse

    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

    Working...
    X