Mortgage interest

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  • Interest stumpted
    #1

    Mortgage interest

    Taxpayer can elect to treat mortgage interest as not home mtg int but as business interest. The question is can the election be for less than 100% of the amount or must it be all or nothing.
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    • Gretel
      Senior Member
      • Jun 2005
      • 4008
      #2
      Whatever % is allocable and traceable to business can be taken as business interest.

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        • Unregistered
          #3
          Thank you for your response- If you know, can you refer out to a site in some research material? Thanks again

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            • Gretel
              Senior Member
              • Jun 2005
              • 4008
              #4
              TTB pg. 4-11 and in Pubs, I am sure, but sorry don't know without looking.

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