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ddwilkins67
Returning Member

Renting farmland

Own a small farm with land we cash lease to farmer and a house that is now our primary home. Prior we rented house and land so I split the taxes and interest between the 2 types.  I no longer rent the house; live in it full time.  Can I take all the mortgage interest for the house and only use the tax tax expense up[ to what I get in rent for the land or do I have to use a % spread across the primary use house and the rented land? If I divide it I am generating  a loss every year on the land.

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1 Reply
M-MTax
Level 10

Renting farmland

Probably allocate across the land and house by assigning a value to each.

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