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Subject:  Re: Rental Condo Tax Issues Date:  4/22/2003  8:48 AM
Author:  geocarw Number:  65137 of 130176


Correct. Only interest related to personal use is subject to the limitations described in IRS Pub. 936.

Thanks for the confirmation.

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.

Several reasons: Low taxable income, thankfully low medical expenses, the 'home mortgage' and HELOC are on the rental condo which offset income, no mortgage on personal residence and RE taxes not too bad but getting worse, charitable contributions could be higher, Missouri income tax is ~ 6%. All in all, still fall short of of standard deduction.

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