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.
Points are prepaid interest on the mortgage, due at closing. They're listed on Line 802 of HUD-1. You can deduct points on a home purchase, provided the points aren't abnormally high for your part of the country. You claim them as an itemized deduction on Schedule A, like regular mortgage interest.