Deducting Mortgage Loan on Commercial Property

[Steve Stang]

This is probably something that I should know but have hit a brain freeze. I have a client with a commercial mortgage on her business condominium. She has received a 1098 from the lender showing $1,000 in interest paid. Her itemized expense summary from Quickbooks shows $8,000 paid to lender. On the Schedule C, I plan on entering the mortgage interest...

[Judy rocks]

My client has a mail in audit for Schedule A Home Mortgage Interest. He has 2 houses and 1,627,472 in Principal Balances on 4 original loans on the house - none ever refinanced - one is a home equity loan of about 180K. He paid 57,000 in interest and we did the exclusion - he ended up with about 38,000 on Schedule A. He purchased the houses in the...