Monday, June 16, 2014
Mortgage Interest on a Third Home
Mortgage interest on a third home is nondeductible personal expense. If you are considering buying a third home, the best tax approach is to buy it without taking out a mortgage loan. Mortgage interest on investment property is deductible as investment interest to the extent of investment income. Any nondeductible excess is carried over to future years. However, the expectation of profit on the sale of a residence does not convert the property to investment property.
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