qbteachmt
Level 15
06-23-2023
10:44 AM
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"Since it is mortgage interest and can be use as UPE"
It's not a mortgage. It's a loan, secured by the equity, as you noted. It's short-term revolving credit. The interest can't be both "mortgage" and investment interest expense. It was used for one thing, and that was not applied to the property.
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Don't yell at us; we're volunteers