Related to farmland property rental, do I need to pro-rate mortgage refinance expenses based on actual value of rented farmland vs my home that is on same property?

[ColeenD3]

Does the mortgage just cover your house? If so, there is no relation to the farmland that is rented out.

[taxinator17]

Hello, thanks for the reply. The mortgage includes both the land and house. Would I prorate the cost of the 2020 refinance based on the value of the land only?

[ColeenD3 · Accepted solution]

You would need some reasonable method of prorating. That is as good as any.