Greetings All,
I posted a while ago about deducting mortgage interest on loans that exceed $1M. I've read many posts that believe I am incorrect, though I believe at this time that my position is accurate and correct.
I will admit that it is possible that I'm wrong. I'm a tax specialist, not an all seeing oracle.
I do have some reference material that I've used as the basis of my interpretation as well as the result from a recent IRS audit of just such a mortgage. Unfortunately, it is March 1 and I do NOT have the time at this time to pull and reread my research - though I do fully intend to do so after I return from my end of tax season break (probably sometime around early May).
I have put a note on my office calendar to follow up on this and I promise to share with the group what I find. If I have to eat crow I will, but today I think I'm right.
Gene E. Utterback, EA, RFC, ABA