April 1, 2021
The Mann Report published an article by Director Daniel Smith, about eligible home mortgage loan deductions for 2020.
The Mann Report
By Daniel Smith, Director, Tax & Business Services
Excerpt:
When structuring their debts, taxpayers should take into consideration: using cash to pay down mortgages in excess of deductible amounts; borrowing against their properties at a later date, after being exposed to market and interest rate risk; investing the proceeds of these loans in either the taxpayer’s trade or business or in taxable investments and electing out of the qualified residence interest rules on refinanced debt so the mortgage deductibility rules no longer apply.
