19 July 201908:22 PM - edited 19 July 201908:33 PM
Hi I am looking at buying a home to live in. I currently have an investment property that I rent out. My mortgage broker has suggested I increase refinance the loan on my investment property to provide extra funds for the purchase of my home to buy and live in. I currently rent a room in someone else’s home. My question is If I increase the loan on my investment property by say 50k to use to put towards buying a home to live in. Will the interest on this extra 50k on that loan for the investment property be tax deductible?