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Get your taxes done using TurboTax
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.