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Ask Curbed: Can I Still Deduct the Mortgage Interest?

So, let's say that one is buying a coop in a building with a lot of commercial tenants--a whole lot of them. We go to the Ask Curbed Inbox for this interesting question:

I am trying to purchase a downtown co-op for about $430,000. The problem is that more than 50% of the building's revenue comes from commercial tenants, violating the so-called 80-20 rule. I have been clearly told that none of the maintenance, which is small, is deductible. However, what about the mortgage I would obtain? The law seems to clearly say I could not deduct mortgage interest on this property, however several people have told me that people do it all the time with no problems. This includes the co-op board president and he mortgage broker. Is it true? What would you do in such a situation?The answers ahead in the Comments section.
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