Pk-Hills
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In 2017, I bought a condo near university for by daughter, due to high demand for the property, I had to make a cash purchase using home equity line of credit of my primary home. My primary was fully paid off. After few months I refinanced my primary to convert HELOC.

 

In 2019, my daughter rented one of the bedrooms to her friend. I am claiming Standard deduction as the property tax and mortgage interest on my primary is lower than std deduction.

 

My questions

1. Can I report the mortgage interest of my primary home as the mortgage interest for the rental condo? Reason being that I used the money  from primary to buy the rental condo.

2. Since my daughter shared the condo , I plan to deduct property interest and the the above mortgage by 50%. Is this correct way to do?

 

May sound complicated scenario, appreciate any guidance on this.