consolidating business and personal debt by refinancing using personal residence
Hi
I have a client who asked if he should refinance his house to pay off the line of credit and a mortgage for his business building.
He has an LOC and a first mortgage on this building where his business sits.
Questions:
1. Is this allowed?
2. Would he be limited to interest deduction of up to $750K of mortgage balance if he decides to refinance? The properties (home and business building) were purchased before the 2017 tax law change.
Thank you
