Wondering if anyone is well versed in the ins and outs of aquistition debt vs. follow on debt as it relates to mortgage deduction. My specific question: If you pay cash for a home and then later take out a mortgage, (either a standard mortgage or some form of home equity) does the interest qualify for a deduction? I would really like to use margin interest to finance the home, and do have enough interest income to offset, but believe because of "tracking rules" this margin interest may not be eligible for deduction.Any thoughts?
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