Discussion:Mortgage interest and r/e taxes on vacation home.
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Discussion Forum Index --> Basic Tax Questions --> Mortgage interest and r/e taxes on vacation home.
Discussion Forum Index --> Tax Questions --> Mortgage interest and r/e taxes on vacation home.
| 21 March 2009 | |
| Is it required that the mortgage interest and real estate taxes paid on a vacation home be reported on schedule E. I know the order of expenses for vacation homes are 1.interest and taxes 2.operating expenses 3.depreciation. Does is state specifically that the taxes and interest must go on schedule E or can they all go on schedule A. I have a client who would benefit more from having 100% deducted on schedule A instead of the personal use %. He has enough operating expenses to cover the rental income. Any information would be greatly appreciated.
Nate | |
| March 21, 2009 | |
| "I know the order of expenses for vacation homes are 1.interest and taxes 2.operating expenses 3.depreciation."
There's your answer. Doesn't matter that he would benefit more by not following the law... | |
| 21 March 2009 | |
| That's what I thought but the instructions didn't say they "must" be reported on schedule E. | |
| March 21, 2009 | |
| How often do you find the word "must" in the IRS instructions? | |
| 21 March 2009 | |
| How often do you find the word "must" in the IRS instructions?
Never. I wasn't using "must" as the trigger word, just emphasizing the clarification needed. Thanks for your help. | |
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