To Critter:
Although you're diverting form answering where the interest goes at all, I'm answering for others who reference this later.
I have a construction company. I used the property as an office for some but not constant dispatch, and mainly to store containers, trailers, machinery, materials, and supplies. I work mainly out off my truck. So no. It wasn't used for personal purposes. I know better than to try to claim personal use property for business purposes. That's asking for an audit.
To others / soap box rant:
1. Read the IRS publications and other articles to decide for yourself if you can claim what you're looking for. In my case, I'm trying to make sure I declare the full cost of the commercial property that's already been paid off. This is important because if I just roll the whole interest into the cost I paid for the property, it will depreciate at 27 years. But if I declare it as a line item, it's a lot of interest. And most importantly, I don't know if I can. The publications I've read so far don't have any mention on properties that are already paid of. They have plenty of information on properties that are still being paid giving the green light.
2. Turbo Tax and the Turbo Tax community tend to err on the side of the IRS. If you really don't know, use a CPA or a tax preparer professional. But if your CPA isn't familiar with your industry or is weak in other areas, then they can do more harm than good. For me, one of the CPA's I tried that was awesome for stocks but didn't want me declaring my kid from a previous marriage even though I have Form 8332. I would have missed out on a credit. Others might try to offer you services you don't really need. Again, for me, I carry good insurance. Too many pros have tried pushing for me getting an LLC per property to limit the exposure asking between $1,000 to $1,500 a pop plus filing fees.
So be suspicious of people who try to sell you things you don't need. I got burnt too many times by bookkeepers and tax preparers thinking that just because they have a license, things weren't going to go south ways for me. Remember at the end of the day you're the one being held responsible for the information you're submitting.
My point is. Turbo Tax is great if you can make the time to read and ask questions. Once in a while you'll get stumped like I'm getting stumped here.
