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Updated almost 13 years ago,
Deducting Mortgage Interest
I own a two family---live in one half and rent out the other half.
I have losses on the rented half -due to expenses , mortgage interest, etc exceeding rent.
My accountant tells me that i can't deduct this loss on the rental due to I and my wife's AGI exceeding the limits.
The accountant is only deducting half of my mortgage interest on my itemized deductions.
Can I move the other half of mortgage interest (from the rental) to my itemized deductions?
Thanks!