QUESTION:
I believe the interest on the mortgage of a rental property is a tax
deduction whereas your principle residence is not. My question is if you had
'extra' equity in your rental property either from mortgage pay down or
increase in market value, can you (from a legal tax point of view)
re-mortgage, pull as much of the equity out as possible and put it against
your principle mortgage thereby reducing your non-deductible interest and
increasing your deductible interest?
Thanks!
