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I am filling out a schedule E for my daughter. She purchased
Hi, I am filling out a schedule E for my daughter. She purchased an additional home and converted her first home to a full time rental mid august of 2020. She also refinanced it in march of 2020. So, … read more
Lev
Lev
44,444 satisfied customers
I have 3 mortgages. (primary and two rentals). I am
Hello, I have 3 mortgages. (primary and two rentals). I am considering refninaincing the primary with cash out so that i may pay off the the two rentals and consolidate into one loan with a better lon… read more
Lev
Lev
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We are thinking of refinancing our principal residence to
We are thinking of refinancing our principal residence to pay off the mortgage on a rental property, lowering the rate in the process. This would shift the debt and the interest deductions from the re… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Refinanced my rental and some of the proceeds were used for
Second opinion] Refinanced my rental and some of the proceeds were used for upgrades on my personal residence. Can I allocate and deduct on schedule A the amount of interest that reflects my home impr… read more
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Aurthur..i spoke to my CPA and she was saying mortage
HI Aurthur..i spoke to my CPA and she was saying mortage interest on a cashout loan on the primary home to payoff the rental properties cannot be declared as tax deductible ...so am in a dilemma, your… read more
Arthur Rubin
Arthur Rubin
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Taxpayer co-owns house “A” with mother. Mother lives in the
Taxpayer co-owns house “A” with mother. Mother lives in the house. In 2015, both take out a mortgage on the house for $325,000. Son takes $160,000 from the 325,000 proceeds for a downpayment and buys … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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Last April I refinanced my primary residence for 233K. My
Last April I refinanced my primary residence for 233K. My acquisition costs for this house, and a summer residence we in part own, have over the past ten years substantially exceeded the amount of the… read more
Lev
Lev
44,444 satisfied customers
I own a rental property and I have put say 20,000 into
I own a rental property and I have put say 20,000 into improvements if I refinance and take 60,000 out do I pay taxes on all 60,000 or just 40,000… read more
Lev
Lev
44,444 satisfied customers
I own my rental property free and clear. I would like to
I own my rental property free and clear. I would like to take out a loan on it and use the proceeds to pay off my primary home's mortgage where I live full time. Would the mortgage interest on the ren… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,699 satisfied customers
We currently own a home. We bought another home and are
We currently own a home. We bought another home and are planning to move to the second home and rent the first home. Before moving, if we re-finance the current home for cash-out, will the mortgage in… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,678 satisfied customers
My question concerns the tracing of interest expense
My question concerns the tracing of interest expense for the financing of a multifamily property investment that I am preparing to make. I am looking to ensure that all of the interest expense associa… read more
Lev
Lev
44,444 satisfied customers
My wife and I own several multifamily rental properties. This
My wife and I own several multifamily rental properties. This year we refinanced two of the properties, which are held in a California LLC that we set up a few years ago, taking $1,000,000 cash out. W… read more
Lev
Lev
44,444 satisfied customers
If I refinance a rental property, and the refinanced loan is
If I refinance a rental property, and the refinanced loan is greater than the original loan, but does not exceed the cash improvements I invested in the property, I assume the interest expense on the … read more
Lev
Lev
44,444 satisfied customers
The deduction for mortgage interest on personal residence is
The deduction for mortgage interest on personal residence is limited to $500,000 of indebtedness (for married filing separately). My mortgage is more than that, so I am not able to fully deduct it. Wh… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,699 satisfied customers
I have a rental property which has equity.I would like to refinance
I have a rental property which has equity.I would like to refinance this rental property and use the money from the refinance to buy a principal residence and pay off the mortgage on my current princi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
24,361 satisfied customers
When I purchased my current home in 2003, I took out a 2nd
When I purchased my current home in 2003, I took out a 2nd trust deed (used for the down payment and closing costs) from my previous home that was later rented out. I then took out more equity from th… read more
socrateaser
socrateaser
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I would like to know if I take out a home equity loan secured
I would like to know if I take out a home equity loan secured by my primary residence and I used the entire proceed to pay off the mortgage of my rental property. Can I treat the interest of this home… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,607 satisfied customers
If I refinance and take cashout of rental property and use ...
If I refinance and take cashout of rental property and use it to pay off my primary home, is the new increased interest on the rental tax deductible just like the original interest? Are the expenses o… read more
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Ed Johnson
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