I used a home equity line of credit as down payment on a rental property and have been deducting interest.
If I sell my primary residence then the loc is paid off. However, if I am purchasing a new home, the portion that I was paying is now rolled into a new mortgage.
I want to keep deducting interest on the amount remaining that was used to purchase the rental.
Can I pro-rate a portion of my new home mortgage insurance that now includes the paid off loc after the sale?
