If a client owns rental property, can they take a mortgage out on the property and take the interest expense to purchase a piece of land.
This land is being purchased to build a personal home in the future.
I do realize that they cannot take a mortgage on their primary home to purchase the home but how about on their schedule E.
This land is being purchased to build a personal home in the future.
I do realize that they cannot take a mortgage on their primary home to purchase the home but how about on their schedule E.
Comment