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We own a farm with a house, dont live in the home&claim residency in another state. Do I need to allocate the mortgage int. btn our sch F and personal deductions?How?

I cannot find how to allocate the interest paid on a mortgage between personal and farm use. Or if I even need to do it. It is not our main house, because we claim residency in another state. Can I claim all the interest on the schedule F or do I need to separate? Is there a rule for separating the interest if so?

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Accepted Solutions
DianeW
Expert Alumni

We own a farm with a house, dont live in the home&claim residency in another state. Do I need to allocate the mortgage int. btn our sch F and personal deductions?How?

Unless the home is used as a second home or vacation home there is no need to separate the mortgage interest for the farm property.  All of the mortgage interest should be deducted on the Schedule F.  

If you later rent the farm house, then you might split it between farming and rental use.  Currently, the farm is the only use except as noted above.

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2 Replies
DianeW
Expert Alumni

We own a farm with a house, dont live in the home&claim residency in another state. Do I need to allocate the mortgage int. btn our sch F and personal deductions?How?

Unless the home is used as a second home or vacation home there is no need to separate the mortgage interest for the farm property.  All of the mortgage interest should be deducted on the Schedule F.  

If you later rent the farm house, then you might split it between farming and rental use.  Currently, the farm is the only use except as noted above.

We own a farm with a house, dont live in the home&claim residency in another state. Do I need to allocate the mortgage int. btn our sch F and personal deductions?How?

Thank You!
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