I own two houses and rent out both. Can I claim the mortgage interest on both as personal interest?
Tax preparer stated I could & removed it from the sched that contains my rental property deductions & placed it as an itemized "personal" interest deduction.
Answers:
That sounds totally wrong to me. There is a flash for mortgage interest on your Schedule E. Why remove it & put them both on your personal Schedule A when neither one are your personal residence. Same would apply for property taxes paid.
It makes no sense. Was it a spanking new tax preparer? You might call the bureau manager of the office that prepared your taxes. If you report it prepared this way, it may result in a huge levy penalty or liability once the IRS figures out it be inaccurately prepared (in the event of a refund you weren't entitled to) Source(s): Numerous years tax preparation & accounting.
No.
You can single claim mortgage interest credit on your primary residence only.
The other property is an investment property and not a second home. Source(s): Many, many years as a tangible estate broker and former mortgage broker/underwriter and always followed by my 7 "thumbs down" stalkers on Y!A.
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Answers:
That sounds totally wrong to me. There is a flash for mortgage interest on your Schedule E. Why remove it & put them both on your personal Schedule A when neither one are your personal residence. Same would apply for property taxes paid.
It makes no sense. Was it a spanking new tax preparer? You might call the bureau manager of the office that prepared your taxes. If you report it prepared this way, it may result in a huge levy penalty or liability once the IRS figures out it be inaccurately prepared (in the event of a refund you weren't entitled to) Source(s): Numerous years tax preparation & accounting.
No.
You can single claim mortgage interest credit on your primary residence only.
The other property is an investment property and not a second home. Source(s): Many, many years as a tangible estate broker and former mortgage broker/underwriter and always followed by my 7 "thumbs down" stalkers on Y!A.
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