Hello everyone, Question about refinance and cash out. If I refinance the mortgage on the house...
Hello everyone,
Question about refinance and cash out.
If I refinance the mortgage on the house where I live and spend more money in order to close the mortgage of another investment property and/or buy another property, how can I offset the additional interest because the loan is not linked to these properties and my house (which I do qualify for through Itemized deductions and the income tax allows the interest to be deducted only from renovations, improvements, etc.).
In general, how is it possible to link the payment of the interest on any loan that is taken for the purpose of offsetting profits on the property, since the income tax can always claim that I bought a car with this money.
In my question, I refer to the U.S. income tax in no way related to Israel.
Thanks
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