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Level 1

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?

 
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Employee Tax Expert

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?

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

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Employee Tax Expert

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?

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

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Level 1

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?

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?

Employee Tax Expert

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?

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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