If before Jim's heart attack, values were EDV=130 ml ESV= 50- ml what is his SV?
(But because it is a personal residence, the interest that doesn't count as a rental expense â 20% in our example â can be deducted as a personal expense.). If you limit personal use to 14 days or 10%, the vacation home is considered a business and up to $25,000 in losses might be deductible each year. That's why lots of vacation homeowners hold down leisure use and spend lots of time maintaining the property. Fix-up days don't count as personal use.
Pub 17. , Interest Expensechapter: Pub 4012, Deductions tab, page 4. Itemized Deductions and personal interest are not deductible. Points from refinancing must be spread over life of loan, unless used to remodel. Review the Tax Topics and FAQ. Review Pub 4012, Schedule A â Itemized Deductions, lines 10-15.