If I take cash out refinance from my rental property for down payment on a personal property. Would that portion of loan interest count toward my home mortgage deduction?
Lets say that the original loan on the rental property was for 100k and I am getting a cash out refinance for 150k.
Lets also say Im buying a primary residence for 250k and using the 50k from the refinance as the down payment.
Does this mean that my personal home mortgage interest deduction comes from the 250k loan and 1/3 of the 150k loan?
If I take cash out refinance from my rental property for down payment on a personal property. Would that portion of loan interest count toward my home mortgage deduction?
If the loan is secured by your rental property, you cannot take any of the interest as part of your mortgage loan deduction in itemized deductions. The interest expense would be part of your rental property deductions.
If I take cash out refinance from my rental property for down payment on a personal property. Would that portion of loan interest count toward my home mortgage deduction?
If the loan is secured by your rental property, you cannot take any of the interest as part of your mortgage loan deduction in itemized deductions. The interest expense would be part of your rental property deductions.
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