Need your help with the aggregate mortgage cap on multiple homes.
1st home was purchased in 1/2017 - Primary residence
2nd home was purchased in 5/21 - vacation home (not rented at all)
(i) Do I assess the mortgage balance cap individually on each home i.e. $1.0 MM on 1st home and $750,000 on @2nd home OR
(ii) Do I assess the mortgage balance cap in aggregate and is that cap then $1.0 MM? If so, how do I allocate the interest expense between the two homes - e.g. first the 1st home and then remainder from 2nd home?
Thanks,
