Mortgage interest deductible?
If delayed financing is used to purchase an investment property and the financing is after 90 days from the original purchase has there been a change in the deductibility of the mortgage interest?
Thanks for the question, Tony! Delayed financing interest deduction is within 90 days. The language in the IRS form reads, “You buy your home within 90 days before or after the date you take out the mortgage. The home acquisition debt is limited to the home’s cost, plus the cost of any substantial improvements.”
Here’s a link to the IRS publication: https://www.irs.gov/pub/irs-pdf/p936.pdf
Hope this helps!