YARWHLOOS: Renting out a house and taxes? Multiple homes and taxes?
When me move to Cali in a couple months, we are going to hold on to our Colorado home and rent it out. We will be renting in CA, not purchasing another home.
1) I know you can deduct interest on up to two homes... I assume that also means that we can still deduct our Colorado mortgage interest even if we are renting in CA?
2) If someone has three or more homes with a mortgage, do you get to choose which ones you deduct the interest on? Is it primary plus one? Do rentals affect this?
Too much bread, too little meat.