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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10104
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Pearl, can I deduct the mortgage interest & taxes

Customer Question

Hi Pearl, can I deduct the mortgage interest & taxes for houses I bough to fix & flip?
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: Two real easte properties that are NOT my personal house bought to fix & sale. Need to know if I can deduct the mortgage interest & taxes for these properties and if so where di I report it in 1040?
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no thats it
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 8 months ago.
Category: Tax
Expert:  Lane replied 8 months ago.
Hi,...Generally, mortgage interest is deductible in two scenarios: (1) primary residence and second home, and (2) mortgages and other loans take out for the purposes of generating income....Your situation falls under scenario no. 2, and is deductible....Here's the IRS guidance on this: https://www.irs.gov/publications/p535/ch04.html#en_US_2015_publink1000243104
Expert:  Lane replied 8 months ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the stars or faces on your screen, and clicking submit)...That’s the only way JustAnswer will credit us for the work here....Thank you!Lane……I hold a JD (Juris Doctorate, the law degree), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.
Expert:  Lane replied 8 months ago.
Hi,...I’m just checking back in to see how things are going....Did my answer help?...Let me know…...ThanksLane