Dump the 10T regs into a bowl with the 8T regs and sprinkle a CCM on top.
https://www.law.cornell.edu/cfr/text/26/1.163-10T
https://www.law.cornell.edu/cfr/text/26/1.163-8T
https://www.irs.gov/pub/irs-wd/1201017.pdf
Tracing rules are so much fun in late March.
If you allocate the percent of the interest to the rental property can you also deduct the amount used to purchase the rental property from the total loan for purposes of the $1,000,000 home loan limitation?
Mixed-use mortgages and tracing rules are not for the faint of heart. There aren't many simple answers, it all depends on the results of your tracing.
When I'm feeling too well and need an excuse to get out of something, I go reread the 163 regs. Guaranteed migraine.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.