Question
How to deduct interest Mortgage loan over $750k
Can you deduct mortgage interest if the loan over $750000?
the couple did cash out refinance of their principal home in 2021, the total loan $900000.
The used about $250000 cash as down pay to buy a rental property. Can they deduct interest from mortgage of $650000.
then allocate interest portion from the $250000 loan used on rental to rental property?
