All Forum Posts by: Jason Kimery

Thanks for all the feedback. I think I just have to run ALL the numbers. Much appreciated

Jason

So we owned and lived in a house for 5 years. Last fall we bought a new one and turned the old one into a rental. The rental is worth 160000 and we owe 55000. 

While doing our taxes we realized that we won't ever surpass our standard deduction therefore won't really qualify to deduct mortgage interest on our personal residence. We obviously can deduct mortgage interest on the rental.  It seems like I should do a cash out refinance on the rental and pay down my personal mortgage? Is that crazy? It seems like a big savings but I might be missing something

thanks a ton guys!

I own my home and would like to buy a new home to live in while turning my current home into my first rental. I have significantly improved the value and it has probably appreciated a bit on its own. My question is does the depreciation i look forward to claiming go by the purchase price? Or do i get to reset the value and depreciate the much higher amount?