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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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mikeintexas
Level 1
07-09-2020
11:24 PM
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If you have a home loan and acquire a second property that contains a house and substantial acreage, you would be above the $750,000 limit resulting in part of the interest being not deductible. But suppose the second purchase was done with two separate loans, the house and a few acres on one note, and the remaining acreage on a second note. This would mean the debt securing the two houses would be at, or below, the $750,000 limit, and then could the interest on the note securing only the land be investment interest?
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