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Investors & landlords
New home (1mm) purchased in June 2020. Converted rental home (700K) was available to rent September 2020 and rented November 2020. I have pro-rated the mortgage interest on Schedule E for September to EOY for the rental. I am reporting the Jan-Sep 2020 mortgage interest on Schedule A. However, for the purpose of the mortgage deduction cap, should the home acquisition debt be 1mm or 1.7mm? Thanks.
‎February 24, 2021
4:55 PM