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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- consolidating business and personal debt by refinancing using personal residence
consolidating business and personal debt by refinancing using personal residence
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mickey
Level 4
07-29-2020
04:21 PM
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Hi
I have a client who asked if he should refinance his house to pay off the line of credit and a mortgage for his business building.
He has an LOC and a first mortgage on this building where his business sits.
Questions:
1. Is this allowed?
2. Would he be limited to interest deduction of up to $750K of mortgage balance if he decides to refinance? The properties (home and business building) were purchased before the 2017 tax law change.
Thank you
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1 Comment 1
sjrcpa
Level 15
07-29-2020
08:54 PM
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You can refinance your house and use the money for whatever you want.
He's not going to get the $750K limit for home mortgage because it won't be used to buy, build, or improve his principal residence.
The more I know, the more I don't know.
