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posted Oct 12, 2023 8:17:39 AM

I did a cash out refinance to my primary home to pay off mortgage of rental property. How to report mortgage interest expenses?

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2 Replies
Level 15
Oct 12, 2023 8:40:50 AM

This could be an issue (where you cannot deduct the interest as home mortgage interest nor use tracing to apply the loan to the rental property).

 

I'm going to page @AmeliesUncle.

Level 15
Oct 12, 2023 7:35:23 PM

Just to clarify, you "refinanced" your existing mortgage, and your new mortgage now includes BOTH the prior mortgage amount PLUS the 'cash out' that you paid off the rental, right?