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Can a real estate professional deduct the home mortgage interest on a property he purchased in 2005 for his own use?
According to the 2018 of J K Lasser text - Your Income Tax 2019. '"Although Te Tax Cuts and Jobs Act generally prohibits a deduction for interest - Acquistion debt incurred on or before December 15, 2017 IS Grandfathered so that the prior limit of $1,000,000still applies for deducting interest on your returns for 2018 and later years. IS THIS TRUE AND HOW SHOULD THE INTEREST BE DEDUCTED?
