I know that I can only deduct interest (or any expenses for that matter) up to my rental income, but is there a limit on the loan amount on which I can deduct my interest against?
For example, I read that a couple MFJ can deduct interest on a mortgage of up to $750,000.
Does that limit apply to investment/rental properties, such that if my primary mortgage and my investment mortgages are above $750,000, I cannot deduct interest on the portion that's above $750,000?
it's two separate conversations
for the primary residence, that is subject to the rules on Schedule A ($750k, etc.)
for the rental property, that is all on Schedule E and its rules...so while all the interest is deductible, you may run into passive loss limitations....