I own an IP with my wife as joint tenants and currently we have a loan on it with both our names. So at tax time, we have to split the interest 50/50 when we are calculating our interest deductions.
However, if we refinance the IP loan into a single name (myself since I am the higher income earner), can I claim the full interest as a deduction ?
Technically, since my wife has no loan to pay off, her interest deduction will be $0 which is fine.
Is this idea feasible ?
However, if we refinance the IP loan into a single name (myself since I am the higher income earner), can I claim the full interest as a deduction ?
Technically, since my wife has no loan to pay off, her interest deduction will be $0 which is fine.
Is this idea feasible ?