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aldemal
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| Joined: | Wed Jan 9th, 2008 |
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| Posts: | 1 |
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Posted: Tue Mar 11th, 2008 03:58 pm |
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Hi,
We own a property we lived in for the first half of 2007 and rented for the other half. We got a HELOC against this property to use as down payment on our current primary residence.
I was going through my taxes over the weekend I noticed you can declare the mortgage interest deduction in the rental property portion or in the personal deductions portion of the form. I know I can't declare it twice but does anyone know the best place to take the deduction?
I suspect the answer may be to prorate to the mortgage interest deduction and declare half of it in both places. That is, take half the mortgage interest deduction as a personal deduction and the other half as part of my rental property deduction.
Also, should the mortgage interest on the HELOC be declared as a personal deduction rather than part of the rental property since it was used as a down payment on our current primary residence?
Does anyone have any experience with this they could share?
Thanks,
Alan
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