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Phil: What if the loan IS only secured by the lot adjacent to, and used by, but not platted the same as the residence? Do you think my logic would prevail (deductible), or must it be secured by the building lot and house as implied by Sched A instructions? That is actually the second option in his question. Well, actually the third. The second one is an unsecured loan to buy the lot, which isn't deductible. Ed p.s. I'll be off the net 'till Monday.
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