Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Interest deduction
Interest deduction
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
mikeintexas
Level 1
07-09-2020
11:24 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you have a home loan and acquire a second property that contains a house and substantial acreage, you would be above the $750,000 limit resulting in part of the interest being not deductible. But suppose the second purchase was done with two separate loans, the house and a few acres on one note, and the remaining acreage on a second note. This would mean the debt securing the two houses would be at, or below, the $750,000 limit, and then could the interest on the note securing only the land be investment interest?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
