A taxpayer started a partnership and purchased a business using the home equity proceeds she took out to purchase the business and wants to deduct the equity interest as a business expense.    She was told by the bank that she could do this??  Other than a home office, is there a way to deduct this interest from the business?

I have a client who sold their residence and paid off that mortgage which was under $750,000.  They purchased a new residence with a mortgage of $1,230,000.  Reading directions on figuring the home mortgage deduction limitation, I understood the instructions to say to enter each mortgage they had on all qualified homes.  In this situation, I assume it to mean both mortgages, the old residence and the new residence.  When researching in the community discussions, one question similar to my own, was answered by saying to enter the mortgage interest from the home sold (with mtg under $750,000) directly on Schedule A and to use the home mortgage deduction limitation worksheet to figure the interest deduction for the mortgage on the new house (with mtg over $750,000).  I can't find any articles clearly stating this, either way.

Surviving spouse is selling home that qualifies for home sale exclusion.  Husband died April 4, 2021.  Signing purchase & sale agreement April 4, 2023 but closing after April 4, 2023.  Can she still qualify for the $500,000 exclusion?   If not, is a partial exclusion for deceased spouse available if surviving spouse's health has rapidly declined and can no longer live alone?

A client contributed to a traditional IRA in 2021 and recharacterized to a Roth, also in 2021.  However, in Lacerte Diagnostics, it says the taxpayer's Roth IRA contribution is disallowed due to modified AGI in excess of the threshold amount.  My question is, is the recharacterization treated the same as a Roth contribution as far as the limitations?  If he converts or recharacterizes it back to a traditional IRA, the contribution to the traditional IRA will also be disallowed due to modified AGI.  Is the diagnostic correct that the Roth contribution is disallowed?  If it is, I assume he will need to withdraw the contribution plus earnings.      

1.  A taxpayer tore down his principal residence and built a building with 6 condos in its place.  If she sells all 6 condos, is she eligible to take the home exclusion if she meets the requirements for years lived there as her principal home?  2.  Assuming that she is eligible for the home exclusion and she exchanges the new property (6 condos) for like-kind property instead of selling the property, how is this reported on Form 8824? 3.  What constitutes a property being investment property as opposed to being held  primarily for sale (which does not qualify for the tax-free exchange)?