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Rental real estate refi'd over 1 million


joanmcq

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He spent it on all the rentals (he has 3).  I have no idea how I would interest trace.  I mentioned that he shouldn't use it for the other two, but haven't heard back yet. 

He still has some of the money, maybe most of it.  I did mention that NONE should be spent on personal things of any sort. 

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You just follow the dollars and allocate the interest accordingly, some may go to other rental properties. Some may go to "investment Interest."

You don't need to tell your client "not to spend on personal stuff." 

Anything spent on personal ends up being allocated to "nondeductible interest."

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