It depends upon what the proceeds were used for (i.e., only interest paid on the loan balance that is used to buy, build, or improve the investment property is potentially deductible as investment interest) and the amount of your investment income from interest and ordinary dividends minus any qualified dividends. You may have to complete Form 4952 to determine the latter.
See https://www.irs.gov/instructions/i1040sca#idm140545383096000
and
https://www.irs.gov/pub/irs-pdf/f4952.pdf
