I have paid off my first home and just sign a contract to buy a bigger new home. I will have to get a mortgage and line of credit for this new home. For the job and location reason, I can't move into this new home right away. I want to rent it maybe for a year or two before I move into it. My questions:
Are the mortgate and line of credit tax for the second home (rent out for a few years) tax dedutable? If it is ok with lender, can I just get mortgate without line of credit? What is the advantage of the line of credit? Are there any tax problems when converting a rental property into primary home?
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