I think I'm finally getting it. If I read you correctly, I need to view and treat this as two separate loans, rental business and personal. Interest related to rental is deducted on Sch.E. Interest related to personal use is deducted on Sch A (unlikely because standard deduction will be greater than itemized deductions).Correct. Only interest related to personal use is subject to the limitations described in IRS Pub. 936.I am somewhat surprised that you won't be itemizing. Usually, a home mortgage plus real estate taxes plus state income taxes plus charitable contributions are enough to exceed the standard deduction. Of course, if you live in a state without a personal income tax all bets are off.Ira
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra