I own a home that was my primary residence for 20 years. Since I never refinanced and given the appreciation, I now have a very small amount left on the mortgage and a great deal of principal in the property. My husband owns a recently purchased home which is heavily mortgaged and which is now our primary residence while my property is rented out and bringing in a very nice income. My question is which would give me the better tax break - a larger mortgage on the primary residence or on the rental property. I could easily mortgage either one and totally pay off the other. Our income is in the 31% bracket.
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