Mortgage Interest Question.
i bought an investment property. the second loan was at 7.5%. since my primary residence heloc was at 4% i used it to pay off that second.
so do i count the interest payment on my heloc as interest payments on my primary res(which it actually is) or do i mention it as interest payment for the rental property(which is technically is) ?
Take a home mortgage interest deduction for your HELOC on Schedule A.