TP rented a property with first mortgage and home equity loan in 2019. The origination date for both the first mortgage and home equity loan was January 2019.
Is home equity loan interest deductible on rental property schedule E Line 12 in 2019? Thanks for your time and comment.
Throw out all of the bank terminology. What matters for Sch E is that you're able to trace loan proceeds from the bank directly (or indirectly via the tracing rules in the regs) to an expenditure to buy, build or improve the rental property.
Throw out all of the bank terminology. What matters for Sch E is that you're able to trace loan proceeds from the bank directly (or indirectly via the tracing rules in the regs) to an expenditure to buy, build or improve the rental property.
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