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Can interest from my primary residence loan refinance be deducted as expenses against a rental property that the loan was used to purchase?
I refinanced my residence and used some of the cash to purchase a rental property.
I understand I can deduct interest against my primary residence, but only so far as that interest was used to pay off my prior loan on my primary residence.
Can the rest of the interest costs be expensed against my rental property?
If not, would it make sense to get a separate loan for the rental property so the interest can be expensed against it?
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‎January 27, 2024
11:29 AM