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Real Estate tax strategy
I am currently living in a home (home#1) and now i buying new home (Home#2) and old home#1 is convert to rental. home#1 is pay off. my goal is to delay or reduce tax
1) can i take home equity loan out of home#1 and use the interest as expense on home#1 so i can reduce cash flow?
2) can i use the loan on home#1 as down payment for home#2 or it have to be use to invest on another rental home?
3) can i use home# as rental home and rent to myself?