topic I have a mortgaged rental property that needs to be torn down; a new one built. If the mortgage is moved to a personal residence heloc, how is this handled on taxes? in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-a-mortgaged-rental-property-that-needs-to-be-torn-down-a-new-one-built-if-the-mortgage-is/01/803700#M34839 <P>Is the mortgage transfer from the rental property to a personal residence heloc, considered as part of the rental property basis, a loss, or an expense to the new structure built? <BR /></P> Sat, 08 Jun 2019 00:29:56 GMT brizendin0 2019-06-08T00:29:56Z I have a mortgaged rental property that needs to be torn down; a new one built. If the mortgage is moved to a personal residence heloc, how is this handled on taxes? https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-a-mortgaged-rental-property-that-needs-to-be-torn-down-a-new-one-built-if-the-mortgage-is/01/803700#M34839 <P>Is the mortgage transfer from the rental property to a personal residence heloc, considered as part of the rental property basis, a loss, or an expense to the new structure built? <BR /></P> Sat, 08 Jun 2019 00:29:56 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-a-mortgaged-rental-property-that-needs-to-be-torn-down-a-new-one-built-if-the-mortgage-is/01/803700#M34839 brizendin0 2019-06-08T00:29:56Z The old mortgage has nothing to do with any of those thin... https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/the-old-mortgage-has-nothing-to-do-with-any-of-those-thin/01/803705#M34840 <P>The old mortgage has nothing to do with any of those things. The fact you move the debt to a different residence has no bearing on the original property.&nbsp;</P> Sat, 08 Jun 2019 00:29:58 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/the-old-mortgage-has-nothing-to-do-with-any-of-those-thin/01/803705#M34840 Critter 2019-06-08T00:29:58Z The mortgage balance has nothing to do with the rental pr... https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/the-mortgage-balance-has-nothing-to-do-with-the-rental-pr/01/803710#M34841 The mortgage balance has nothing to do with the rental property basis or&nbsp;&nbsp;the new structure to be built.<BR />Since the interest paid on the loan is no longer attributable to the rental unit, it is no longer deductible on Schedule E (rental income and expenses). It is deductible on Schedule A (itemized deductions, including mortgage interest on your residence).<BR /> Sat, 08 Jun 2019 00:29:59 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/the-mortgage-balance-has-nothing-to-do-with-the-rental-pr/01/803710#M34841 Hal_Al 2019-06-08T00:29:59Z technically would not be deductible in 2019 since it  doe... https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/technically-would-not-be-deductible-in-2019-since-it-doe/01/803714#M34842 technically would not be deductible in 2019 since it&nbsp;&nbsp;does not improve the underlying property. How about if he&nbsp;&nbsp;formed&nbsp;&nbsp;&nbsp;an LLC? Sat, 08 Jun 2019 00:30:01 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/technically-would-not-be-deductible-in-2019-since-it-doe/01/803714#M34842 Bees 2019-06-08T00:30:01Z