L owns a condominium at Cape Cod.This year he rented it out for 210 days.During the year, L used the condo for personal purposes for two weeks during June.Interest expense on the unit's mortgage for the year allocable to the personal use was $9,000.The $9,000 of interest expense is deductible assuming the condominium qualifies as L's primary or secondary residence.

Question

Quizplus · Accepted Answer

The interest expense is not deductible as personal interest because the condo was rented out for more than 14 days, making it a rental property for tax purposes, and the personal use does not qualify it as a primary or secondary residence under these circumstances.

L Owns a Condominium at Cape Cod