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.
Personal credit card interest, auto loan interest and other types of personal consumer interest are not tax deductible. BREAKING DOWN 'Tax Deductible Interest' Under President Ronald Reagan, the Tax Reform Act of 1986, a major set of changes to the federal tax code, phased out tax deductible personal credit card interest along with other types of personal loan interest deductions.