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Client would like to know how much interest they could write off on their 2024...

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Accounting

Client would like to know how much interest they could write off on their 2024 tax return and what their down payment would need to be if they purchased a rental property for $1,500,000.00 on Jan 1st 2024 using a 1st 2nd 3rd Mortgage. (Your client was told they could get a 3rd mortgage at 17%)

Two questions: What is the down-payment required and how much is the estimated total interest portion to be claimed on the future tax return?

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