When we first purchased the rental property, we used the Line of Credit from our primary residence as down payment and secure a mortgage using the rental property. However, we refinanced the rental mortgage using primary residence as lien since the interest rate is lower with primary residence. We received two 1098(s). Both indicate the Primary residence is the property securing mortgage.
Can we Report Both mortgage payments, the original Line of Credit and the refinanced loan with primary residence, on the Rental Property Income section as mortgage expense? Or should these be reported as mortgage payment in the Deductions section?
