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Election to treat home mortgage interest as business int.

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    #1

    Election to treat home mortgage interest as business int.

    Does the election to treat home mortgage interest as business interest need to be done in the year personal property was refi'd or can the election be made at a later date? I have a new client who refinanced personal residence several years ago and took out monies over $100,000 to be used for a new business, but did not make the election.
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    #2
    I believe it can be made at any time, however it can not be revoked w/out IRS consent.
    http://www.viagrabelgiquefr.com/

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