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How do I enter a cash-out refinance on a rental property?
I refinanced my rental property and took a cash out that is approximately equal to my outstanding loan balance. My understanding is that I can only deduct half my mortgage interest as a result. Do I only enter half the mortgage interest on my 1098 entry? Or do I account for this some other way? I don't see any page that asks me about a cash out refinance specifically :(
March 27, 2021
12:37 AM