From: Steve K.
I would appreciate advice on the following.
I have three properties, comprising two rental properties and one residential property that is my primary residence. I have mortgages on all of them, so the interest on my home is not tax deductible but the tax on the two rental properties is. As I have a good amount of equity in all of them, I am wondering if I restructure my finances so that the mortgage debt is shifted onto the two rental properties entirely, will the refinanced mortgage debt be entirely deductible?
(Incidentally I have been renting out my primary residence for the last 18 months so at the moment the interest is deductible - however I will be living there again soon.)
I would appreciate advice on the following.
I have three properties, comprising two rental properties and one residential property that is my primary residence. I have mortgages on all of them, so the interest on my home is not tax deductible but the tax on the two rental properties is. As I have a good amount of equity in all of them, I am wondering if I restructure my finances so that the mortgage debt is shifted onto the two rental properties entirely, will the refinanced mortgage debt be entirely deductible?
(Incidentally I have been renting out my primary residence for the last 18 months so at the moment the interest is deductible - however I will be living there again soon.)
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