3. AMA - For Those with Second Properties (Rental and other)

AMA - For Those with Second Properties (Rental and other)

At the moment I have only 1 property that is currently my primary residence. I rent out 1/3 of the basement. I would like to use my equity to move to a new place, and rent out the remaining 2/3 of my current residence.

Is there any way to legally have the equity used to purchase the new primary residence be tax deductible? The only way I can see it working is to sell my current PR, buy a new PR and either use HELOC pr just set aside enough for 20% down on a rental.

Money is fungible and this seems like extra steps with paying realtors more. I'd prefer to get around it if there is a legal way I am not realizing. Sorry if this is not quite on topic. Thanks.

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