Tax Breaks on Equity for a Rental?
Hello Everyone!
Just took out $100k of equity on my primary house to invest in real estate! Just got under contract and now I have a few options. My mortgage broker is asking if I want to put down 20% or 25%. I'm liking the 25% because of the better cash flow, but I'm wondering for tax purposes what's actually better. I hear that down payment cannot be deducted or written off. However, because it's from the equity of my house, is it deductible?
Thanks in advance! Love BP Family!