Splitting a 1098 between two properties

[Jim T.]

I have a tax question that I hope someone can point me in the right direction.

I had a loan on one rental and a loan on my primary home. In 2016, I refinanced my home in 2016 loan and cashed out enough extra to pay-off the rental loan. I now have one loan and receive one 1098.

Can I split the 1098 in two parts, one for the primary home and one for the rental? For 2018 tax year, I am taking the standard deduction so I am looking for a way to deduct that part of the loan that was used to pay-off the rental.

Thanks in advance for anyone that can help

[Ned Carey]

@Jim T. Check with an accountant. Need more details. How is you investment property titled? Unless you can clearly track and document the movement of funds, you will have a tough time justifying any deduction. Keep in mind paying down principal is not deductible