Bell wrote: Would the interest related to this payoff become investment interest?
Bell wrote:I am referring to the accrued interest from the brokerage loan that was used to payoff the second home.
My client instead of refinancing, he decided to take money from his brokerage loan account and use it to pay off the mortgage. He wants to deduct the interest from the brokerage loan as it relates to the payoff. I am thinking it will now be investment interest limited to investment income rather than home mortgage. Just not sure. No one has done this before.
IDunnoItDepends wrote:Nope, not investment interest expense.
That is, because I don't see any loan proceeds in the fact pattern, I don't see tracing entering into the analysis.
. (that's from the law).which is paid or accrued on indebtedness properly allocable to property held for investment.
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