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A property lawyer will be just as useful as the financial planner. you should seek out a tax lawyer.

I agree completely! Not deductible and cannot be fixed - other than a sale.

If you pay for something yourselves and then the loan is secured over the property and money from the loan refunded to you then the interest would not be deductible. This is because the borrowed funds were not used to acquire the property.

I don't think it would be deductible. The interest you are making on the loan is less than the interest you are receiving on the deposit, with no prospects of a capital gain.