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Interest deduction

Level 1

If you have a home loan and acquire a second property that contains a house and substantial acreage, you would be above the $750,000 limit resulting in part of the interest being not deductible.  But suppose the second purchase was done with two separate loans, the house and a few acres on one note, and the remaining acreage on a second note.  This would mean the debt securing the two houses would be at, or below, the $750,000 limit, and then could the interest on the note securing only the land be investment interest?

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