Hi 

I have a client who asked if he should refinance his house to pay off the line of credit and a mortgage for his business building.  

He has an LOC  and a first mortgage on this building where his business sits.

Questions:

1.  Is this allowed?  

2.  Would he be limited to interest deduction of up to $750K of mortgage balance if he decides to refinance?  The properties (home and business building) were purchased before the 2017 tax law change.  

Thank you