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I am planning to refinance an investment rental property which is now worth less than the loan amount under HARP. We are working with our mortage lender to refinance @ a lower rate. In the documents that they sent us, it states:
“Tax Implications: The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is generally not tax deductible for Federal Income Tax purposes.”
Would you know where I could find information that would determine if that pertains to our situation (investment property), and how to figure the non taxable amount? Knowing this before hand is obviously crucial to our decision to refinance. Thanks!
“Tax Implications: The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is generally not tax deductible for Federal Income Tax purposes.”
That may apply to Owner Occupied use but you have a cash basis business.
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Would you know where I could find information that would determine if...
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