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Deductions & credits
@nailtech123 , are you asking if the mortgage interest on your agricultural property ( FARM ) on which your house sits should be reported as an expense to your Farm or on your home ? Or are you asking if because you use your home ( part of ? ) as a place of business ( firm / LLC/ Sole-proprietor ), that you should deduct mortgage interest as a business expense ?
I cannot answer the question with any certainty because it depends on the actual facts and circumstances --- but generally I would not suggest deducting all of home mortgage interest ( if the second case above is true ) as a business expense. Please provide more details --- and I will circle back and help
pk
‎April 26, 2022
8:18 PM