RentToOwn-HouseFinder.com
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.
Public Comments
- That sounds totally wrong to me. There is a line 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 new tax preparer? You might call the office manager of the office that prepared your taxes. If you file it prepared this way, it may result in a huge tax penalty or liability once the IRS figures out it was inaccurately prepared (in the event of a refund you weren't entitled to)
- No. You can only claim mortgage interest credit on your primary residence only. The other property is an investment property and not a second home.
