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?
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.
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.