Discussion:Mortgage interest and r/e taxes on vacation home.
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 18:46, 21 March 2009 Deback (Talk | contribs) ("I know the orde) ← Previous diff |
Revision as of 18:54, 21 March 2009 Dnc0716 (Talk | contribs) (That's what I th) Next diff → |
||
| Line 9: | Line 9: | ||
| There's your answer. Doesn't matter that he would benefit more by not following the law...}} | There's your answer. Doesn't matter that he would benefit more by not following the law...}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Dnc0716|Date=21 March 2009|Text=That's what I thought but the instructions didn't say they "must" be reported on schedule E.}} | ||
Revision as of 18:54, 21 March 2009
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. | |
