We purchased a new primary home in Oct 2007, and we have been unable to sell the original home. We also have PMI (Private Mortgage Insurance) on the unsold property. I understand that this is now deductible for 2008. The unsold property has been vacant since we moved out in Oct 2007.
Can we deduct the mortgage interest paid on both homes?
Or, is there a better way to maximize our tax situation with this unsold burden?
Thanks for your time and advice...