Discussion:Principal pymts on loan used for several activities

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Discussion Forum Index --> Tax Questions --> Principal pymts on loan used for several activities

JAD (talk|edits) said:

25 January 2008
Does anyone know off the top:

Taxpayer has one loan used for several activities: home acquisition, home equity, business and investment. Is there an order for principal paydown, or do I apportion principal pymts among each use?

Thank you for any help.

DZCPA (talk|edits) said:

25 January 2008
I would apply by the same proportion that the funds were used for.

WesR (talk|edits) said:

25 January 2008
Hi there is no reguired ordering process the regs (no cite remembered) allow you to decide which debt is best to go first, ie the nondeductible interest debt allocated to personal use, then go from there. I had to look it up once. bye

JAD (talk|edits) said:

25 January 2008
Thanks both, I appreciate the help!

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