No need to wait; Treas. Reg. Sec. 1.163-10T(o)(5)(i), as mentioned by @Anonymous in the other thread, is relevant and, most likely applicable here.
In general. For purposes of this section, a taxpayer may elect to treat any debt that is secured by a qualified residence as not secured by the qualified residence. An election made under this paragraph shall be effective for the taxable year for which the election is made and for all subsequent taxable years unless revoked with the consent of the Commissioner.
Read the balance of @Anonymous's reproduction of the section at the link below.
Solved: Trying to get clarification. I refinanced my home ... (intuit.com)
