Hume v. Comm'r
United States Tax Court
Ps claimed mortgage interest deductions on their 2008 and 2009 Schedules C, Profit or Loss From Business, for a property they owned and had intended to rent out.
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Ps claimed mortgage interest deductions on their 2008 and 2009 Schedules C, Profit or Loss From Business, for a property they owned and had intended to rent out. R determined that Ps were not entitled to Schedule C deductions, but rather the property was a personal residence and Ps are able to deduct the mortgage interest payments only as qualified residence interest deductions on their Schedules A, Itemized Deductions, subject to the $1.1 million I.R.C. sec. 163(h) limitation. Held: The mortgage interest P-H paid in 2008 and 2009 on Ps' personal residence is not an ordinary business expense,…
1Opinion of the Court
MICHAEL HUME AND DORSAYE DILANI, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Hume v. Comm'r
Docket No. 27294-11
United States Tax Court
T.C. Memo 2014-135; 2014 Tax Ct. Memo LEXIS 134;
July 7, 2014, Filed
Decision will be entered under Rule 155.
Ps claimed mortgage interest deductions on their 2008 and 2009 Schedules C, Profit or Loss From Business, for a property they owned and had intended to rent out. R determined that Ps were not entitled to Schedule C deductions, but rather the property was a personal residence and Ps are able to deduct the mortgage interest payments only as…
2Cases cited13 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Indopco, Inc. v. CommissionerSupreme Court of the United States · 1992
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Sanford v. CommissionerUnited States Tax Court · 1968
8 more not listed; retrieve them via the Exa API.