Tax Question (Interest Deduction - Rental Property)
Hello Fellow RFDers. Have a Tax Question.
1. Have a Primary Property (House A) bought few years back with Current Mortgage X
2. Bought another House (House B) this year with Mortgage 2X (roughly) and rented out House A.
* House B is now the primary property and House A is a rental property.
* Interest on Mortgage X on House A is deductible against Income it generates. BUT!
* Interest on Mortgage 2X on House B is not deductible
* Any way to swap Interest on House B for Interest on House A as far as deduction goes?
Will have to ask an accountant as well I suppose, but needed an initial input.
Thanks!
1. Have a Primary Property (House A) bought few years back with Current Mortgage X
2. Bought another House (House B) this year with Mortgage 2X (roughly) and rented out House A.
* House B is now the primary property and House A is a rental property.
* Interest on Mortgage X on House A is deductible against Income it generates. BUT!
* Interest on Mortgage 2X on House B is not deductible
* Any way to swap Interest on House B for Interest on House A as far as deduction goes?
Will have to ask an accountant as well I suppose, but needed an initial input.
Thanks!