Thanks, it's really awesome that I got two excellent and to-the-point replies within so short time span!!
A follow-up question: when I enter rental information on Turbo tax, there is an option for entering "Mortgage Interest" and "Other interest." The mortgage interest that I pay on the refinance (the principal of which I used to pay for the rental property) - do I enter it as mortgage interest, or as other interest? Sole reason I am asking this is because the mortgage interest is not secured on the rental property, but secured on my primary residence.
