My CPA, friend tells me I can’t deduct interest once I paid off the loan.
If I refinance again for the 2nd time, can’t deduct mortgage interest on schedule E.
I am confused. You are telling it’s o.k.
I refinance took out $100,000.
$40,000 used for construction of the building. That $40,000 for construction I can deduct.
If I used any amount for purchase of car or personal items. Obviously, I can’t deduct
that mortgage interest.
For the past 15 years. I renovated this rental property extensively.
I need to keep each receipt. My contractor has to sign off on all their work?
Impossible I had so many little job, ETC..
I am nervous, because I will be listing property for SALE.
Afraid of audit. I will incur gain.