If you took a mortgage loan out from a rental property and used the proceeds to make improvement to your main home, is the mortgage interest deductible in any way?
A tax professional told me that according to the tracing rule, the use of the loan proceeds can be traced to the main home. So the mortgage interest can be itemized and deducted in Schedule A. Is it correct?
A tax professional told me that according to the tracing rule, the use of the loan proceeds can be traced to the main home. So the mortgage interest can be itemized and deducted in Schedule A. Is it correct?
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