1)Taxpayer owns a primary residence.
2)Taxpayer is also the equitable owner of a second home and pays all the expenses of a second home.
3) In 2016, Taxpayer took out a home equity loan on the main home and used the proceeds to improve the second home for which she is the equitable owner. All mortgages are under $200K.
4)Taxpayer did not live in the home in 2016, but moved into the home full -time in 2018 and as in the process of having the home put in her name.
5)Can the taxpayer deduct the interest on the equity loan on Schedule A?