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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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Rental Property Deduction
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NU
Level 3
03-26-2021
10:33 PM
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Another scenario to throw at everyone 🤓
Client took a cash-out refi on Property A. The original loan balance at time of refi was 100k and he took out an additional 100k. He took 50% of the cash-out ($50k) and bought property B and put the other 50% (50k) in the bank for cash flow. As far as the interest on Property A's 1098 (10k), would you allocate it based on the distribution of funds? So 5k as an expense for Prop A, $2500 as expense for Prop B? Is the last $2500 not deductible?
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