We own a multiplex in which we live in 60% and rent out 40%. We took out a second mortgage to renovate the ground floor (the 40%). Can I deduct the interest on the second mortgage in its entirety as it is not a personal expense but related to the income p
01852
1 Best answer
Jocelyn-TurboTax
New Member
Oct 30, 2019 5:07:22 AM
Yes, if you took out a mortgage to renovate your income property the interest on that mortgage can be deducted as an expense.
1 Replies
Jocelyn-TurboTax
New Member
Oct 30, 2019 5:07:22 AM
Yes, if you took out a mortgage to renovate your income property the interest on that mortgage can be deducted as an expense.